AUD rebounds on jobs report

2024-09-19
Summary:

The US dollar fell on Thursday after the Fed's larger-than-expected rate cut, which Powell said was to maintain low unemployment.

EBC Forex Snapshot, 19 Sep 2024


The US dollar edged lower on Thursday after a larger than usual interest rate hike from the Fed that had been priced in by markets. Powell said that was meant to sustain a low unemployment rate.


Policymakers projected the benchmark interest rate would fall by another 50 bps by the end of this year. Some analysts expect the greenback will fall next year as the Fed keeps cutting rates.

AUDUSD

The Aussie dollar rose. Australian employment blew past forecasts for a third straight month in August while the jobless rate held steady, reinforcing the view that the labour market remains tight.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 9 Sep) HSBC (as of 17 Sep)

support resistance support resistance
EUR/USD 1.0857 1.1202 1.1027 1.1211
GBP/USD 1.2860 1.3266 1.3056 1.3319
USD/CHF 0.8375 0.8763 0.8364 0.8539
AUD/USD 0.6618 0.6871 0.6640 0.6843
USD/CAD 1.3441 1.3792 1.3475 1.3659
USD/JPY 141.70 149.39 137.71 145.35

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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