Dollar set for the best week since July


Friday saw the dollar's strongest week since July, boosted by a robust ADP jobs report, awaiting confirmation from later official data.

EBC Forex Snapshot

5 Jan 2024

The dollar was heading for its strongest weekly performance since July on Friday due to stronger-than-expected ADP jobs report. The rally will be rested by the official print due later in the day.

The dollar has been particularly strong against other safe-haven currencies – the Swiss franc and the Japanese yen – in the first week of this year. The yield spreads may have taken hold.


The SNB’s effort to stem the currency’s gain proved fruitless last year. Switzerland's manufacturing PMI remained below the growth threshold for the 12th straight month though service sector hit the highest since June 2022 in Dec.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 2 Jan) HSBC (as of 5 Jan)

support resistance support resistance
EUR/USD 1.0833 1.1150 1.0842 1.1091
GBP/USD 1.2527 1.2848 1.2582 1.2802
USD/CHF 0.8333 0.8667 0.8317 0.8697
AUD/USD 0.6691 0.6900 0.6638 0.6821
USD/CAD 1.3114 1.3387 1.3211 1.3446
USD/JPY 139.48 144.94 141.59 146.30

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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The euro's recent performance has been sluggish

The euro's recent performance has been sluggish

The dollar rose moderately on Friday as weaker-than-expected March US PPI did not relieve concerns that the Fed will delay loosening this year.

Yen near post-1990 lows

Yen near post-1990 lows

Thursday saw the dollar stay strong as inflation data dashed hopes for a Q2 rate cut. The yen neared its lowest since the '90s.

The US dollar consolidated on Wednesday

The US dollar consolidated on Wednesday

US dollar stabilized pre-key inflation report; Canadian dollar strengthened amid renewed Middle East uncertainties, halting oil price declines.