Summary:
The dollar rose Tuesday as Philadelphia Fed President Harker predicted one rate cut this year but may adjust based on future data.
EBC Forex Snapshot, 18 Jun 2024
The dollar edged higher on Tuesday after Philadelphia Fed President Patrick Harker revealed that he is in the single-cut camp, but left the door open to changing his view depending on incoming data.
The yen still languished around the low of 158 per dollar. Economists remain split over the timing of the Bank of Japan's next interest rate hike, according to a new Reuters poll.
Some 30% of the respondent expected a rate hike in June. Another 41% forecast the next hike would come in October. Slightly more than 20% went with September, while the remainder did not expect further tightening until 2025.
| Citi (as of 11 Jun) | HSBC (as of 17 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0700 | 1.0981 | 1.0606 | 1.0855 |
| GBP/USD | 1.2300 | 1.2827 | 1.2604 | 1.2810 |
| USD/CHF | 0.8885 | 0.9158 | 0.8806 | 0.9070 |
| AUD/USD | 0.6562 | 0.6729 | 0.6557 | 0.6687 |
| USD/CAD | 1.3577 | 1.3846 | 1.3626 | 1.3817 |
| USD/JPY | 151.86 | 157.71 | 155.18 | 158.90 |
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.
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
