2024-08-14
EBC Forex Snapshot, 14 Aug 2024
The dollar remained on the back foot on Wednesday as a US producer prices slowed. The cost of services fell by the most in nearly 1.5 years – a sign of waning price pressures.
With oil prices recently declining amid expectations of softening demand in China, the rebound in energy prices is likely to be short-lived. That has added to hopes of sizable interest rates within the year.
The yen sapped amid political incident. Japanese Prime Minister Fumio Kishida's decision to not run for reelection in his party's leadership race next month had little effect on markets, analysts said.
| Citi (as of 5 Aug) | HSBC (as of 14 Aug) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.0948 | 1.0842 | 1.1075 |
| GBP/USD | 1.2613 | 1.2894 | 1.2708 | 1.2961 |
| USD/CHF | 0.8551 | 0.8827 | 0.8426 | 0.8871 |
| AUD/USD | 0.6466 | 0.6653 | 0.6438 | 0.6731 |
| USD/CAD | 1.3590 | 1.3899 | 1.3621 | 1.3866 |
| USD/JPY | 145.37 | 150.00 | 140.58 | 154.13 |
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.
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