Summary:
The US dollar dipped on Thursday as European currencies strengthened. US business activity slowed in April, signaling a global economic shift.
EBC Forex Snapshot, 25 Apr 2024
The US dollar was slightly lower on Thursday on strengthening European currencies. US business activity cooled in April to a four-month low due to weaker demand, signalling a global economic confluence.
The Canadian dollar rose along with oil prices. Standard Chartered estimates that global oil demand will pick strongly in May and June and the OPEC+ is unlikely to increase output in the near term.
Retail sales decreased 0.1% in February, led by a drop in sales at gasoline stations and fuel vendors. Money markets are betting that the BOC will begin easing ahead of the Fed.
| Citi (as of 22 Apr) | HSBC (as of 25 Apr) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0600 | 1.0885 | 1.0569 | 1.0855 |
| GBP/USD | 1.2337 | 1.2709 | 1.2268 | 1.2681 |
| USD/CHF | 0.8999 | 0.9152 | 0.9046 | 0.9203 |
| AUD/USD | 0.6339 | 0.6668 | 0.6357 | 0.6641 |
| USD/CAD | 1.3478 | 1.3862 | 1.3543 | 1.3851 |
| USD/JPY | 150.88 | 155.00 | 152.29 | 156.90 |
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.
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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.
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