2024-05-17
EBC Forex Snapshot, 17 May 2024
The dollar headed for its largest weekly fall versus the euro in two-and-a-half months on Friday as signs of cooling inflation and a softening US economy raised the prospect of rate cuts by the Fed.
Retail sales were flat in April and softer-than-expected, and manufacturing output unexpectedly fell. Policymakers acknowledged the positive turn this week though they still sounded cautious.
Seasonally adjusted GDP increased by 0.3% in both the eurozone and the EU in Q1, compared with the previous quarter. It follows two quarters in which the bloc shrank by 0.1% and hence a moderate recovery.
| Citi (as of 6 May) | HSBC (as of 17 May) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0601 | 1.0885 | 1.0711 | 1.0957 |
| GBP/USD | 1.2300 | 1.2709 | 1.2506 | 1.2763 |
| USD/CHF | 0.8999 | 0.9244 | 0.8956 | 0.9194 |
| AUD/USD | 0.6443 | 0.6668 | 0.6522 | 0.6773 |
| USD/CAD | 1.3478 | 1.3846 | 1.3542 | 1.3739 |
| USD/JPY | 151.86 | 157.68 | 151.48 | 159.66 |
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.
