Summary:
The dollar surged on Tuesday, hitting a one-month high against the euro and a one-week peak versus the yen, buoyed by strong job data from last week.
EBC Forex Snapshot, 11 Jun 2024
The dollar hovered near a one-month peak against the euro and pushed to a one-week high versus the yen on Tuesday, supported by surprisingly robust domestic jobs data at the end of last week.
A survey showed Sentix's index returned to positive territory. Investor morale in the euro zone rose for the eighth consecutive month in June, but economic recovery in the bloc is proceeding with difficulty.
Three-month risk reversals suggested investors are at their most euro-bearish since the end of April after a surge in support for far-right parties in France and Germany in the EU parliamentary elections.
| Citi (as of 3 Jun) | HSBC (as of 11 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0788 | 1.0895 | 1.0691 | 1.0875 |
| GBP/USD | 1.2300 | 1.2803 | 1.2665 | 1.2806 |
| USD/CHF | 0.8988 | 0.9158 | 0.8842 | 0.9122 |
| AUD/USD | 0.6563 | 0.6729 | 0.6556 | 0.6680 |
| USD/CAD | 1.3577 | 1.3846 | 1.3645 | 1.3826 |
| USD/JPY | 152.12 | 158.44 | 155.11 | 158.34 |
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
