Tuesday: The dollar hit a 3-month low on weak home sales; the Aussie dollar rose to a 4-month high despite a consumption dip.
EBC Forex Snapshot
28 Nov 2023
The dollar was down to a three-month low on Tuesday on weaker-than-expected new home sales data, while the Australian dollar hit its near four-month high despite a contraction in domestic consumption.
New home sales fell 5.6% to a seasonally adjusted annual rate of 679,000 units in October, below the 723,000 units expected by economists polled by Reuters and sending Treasury yields lower.
Traders see a chance of about 25% that the Fed could begin cutting rates as early as March, while pricing in about a 50-50 chance of easing in May next year, CME's FedWatch Tool shows.
Australian retail sales unexpectedly slipped in October as consumers cut back on everything but food, though analysts believe many were merely saving some money to splurge on Black Friday sales due later this month.
Citi (as of 20 Nov) | HSBC (as of 28 Nov) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0517 | 1.0945 | 1.0750 | 1.1060 |
GBP/USD | 1.2037 | 1.2525 | 1.2325 | 1.2785 |
USD/CHF | 0.8745 | 0.9338 | 0.8712 | 0.8972 |
AUD/USD | 0.6340 | 0.6520 | 0.6420 | 0.6708 |
USD/CAD | 1.3640 | 1.3899 | 1.3519 | 1.3782 |
USD/JPY | 149.21 | 151.91 | 146.57 | 151.35 |
The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains unchanged.
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Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.
2024-07-26The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.
2024-07-25The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.
2024-07-24