Summary:
US dollar steady Wed before Fed Chair Powell's congressional testimony. Expected to emphasize waiting for more data before rate cuts.
EBC Forex Snapshot, 6 Mar 2024
The US dollar was largely steady on Wednesday ahead of congressional testimony from Fed Chair Jerome Powell. He is expected to reinforce the Fed will wait for more data before making any rate cuts.
The Australian dollar recovered in the Asian afternoon, brushing off GDP data that showed the economy grew a mere 0.2% in Q4. The growth has slowed for the past five quarters.
China’s imports of iron ore were 215.5 million tons for the January-February period, 4.6% higher than the same months a year earlier, according to Kpler data. The country vows more support for its property market.
| Citi (as of 4 Mar) | HSBC (as of 6 Mar) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0695 | 1.1017 | 1.0756 | 1.0921 |
| GBP/USD | 1.2476 | 1.2827 | 1.2583 | 1.2778 |
| USD/CHF | 0.8551 | 0.9013 | 0.8751 | 0.8902 |
| AUD/USD | 0.6443 | 0.6624 | 0.6454 | 0.6574 |
| USD/CAD | 1.3359 | 1.3606 | 1.3483 | 1.3650 |
| USD/JPY | 146.68 | 151.91 | 149.21 | 150.86 |
The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
