The dollar steadied on Friday, poised to end a two-week decline, as US data fueled speculation on the timing and scale of Fed rate cuts.
EBC Forex Snapshot, 19 Jul 2024
The dollar was steady and poised to snap a two-week losing run on Friday as US labour and manufacturing data kept traders pondering on when and by how much the Fed would cut rates this year.
The number of Americans filing new applications for unemployment benefits rose more than expected last week. The yen pared some of its earlier losses after hitting a sex-week high on Thursday.
Data showed core consumer prices in Japan accelerated for a second straight month in June, keeping alive market expectations that the central bank could soon raise interest rates.
Citi (as of 15 Jul) | HSBC (as of 18 Jul) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0796 | 1.0916 | 1.0754 | 1.0993 |
GBP/USD | 1.2860 | 1.2996 | 1.2687 | 1.3119 |
USD/CHF | 0.8832 | 0.9158 | 0.8779 | 0.9011 |
AUD/USD | 0.6647 | 0.6871 | 0.6625 | 0.6791 |
USD/CAD | 1.3577 | 1.3846 | 1.3608 | 1.3777 |
USD/JPY | 157.51 | 160.21 | 154.49 | 161.12 |
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.
On Friday, the US dollar fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
2024-09-06The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
2024-09-05Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
2024-09-04