The dollar inched up on Wednesday
2024-02-28
Summary:
Despite US durable goods orders falling more than expected, the dollar edged up on Wednesday. The market mostly excludes a Fed rate cut before June.
EBC Forex Snapshot, 28 Feb 2024
The dollar inched up on Wednesday despite data showing that orders for durable goods fell more than expected in the US last month. Markets have largely priced out a Fed’s cut before June.
The Australian dollar was hanging near its lowest in over a week. Australia's monthly CPI held at a two-year low, reinforcing expectations that interest rates are unlikely to increase further.
Iron ore futures tumbled this week to their lowest level in four months as higher inventories in key buyer China and slower construction activity due to unfavourable weather raised demand concerns.
| Citi (as of 19 Feb) | HSBC (as of 28 Feb) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0694 | 1.1017 | 1.0729 | 1.0924 |
| GBP/USD | 1.2476 | 1.2827 | 1.2574 | 1.2751 |
| USD/CHF | 0.8551 | 0.9013 | 0.8708 | 0.8871 |
| AUD/USD | 0.6443 | 0.6624 | 0.6458 | 0.6612 |
| USD/CAD | 1.3379 | 1.3586 | 1.3430 | 1.3605 |
| USD/JPY | 146.09 | 151.91 | 148.65 | 151.61 |
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.
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