2023-11-21
EBC Forex Snapshot
21 Nov 2023
The dollar index fell to its lowest in more than two months on Monday, continuing its downtrend as investors weighed peak interest rates and priced in a greater than 50% chance of a cut by May.
Richmond Fed President Thomas Barkin said inflation is likely to remain "stubborn" and force the central bank to keep interest rates higher for longer than investors currently anticipate.
The euro hit its high since mid-Aug against the dollar on expectations that the ECB may end tightening cycle later than the Fed. Moody’s unexpected upgrade of Italy’s debt outlook also helped.
| Citi (as of 13 Nov) | HSBC (as of 21 Nov) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0517 | 1.0769 | 1.0650 | 1.1092 |
| GBP/USD | 1.2037 | 1.2428 | 1.2223 | 1.2654 |
| USD/CHF | 0.8745 | 0.9338 | 0.8744 | 0.9032 |
| AUD/USD | 0.6270 | 0.6522 | 0.6389 | 0.6650 |
| USD/CAD | 1.3640 | 1.3899 | 1.3601 | 1.3873 |
| USD/JPY | 147.43 | 151.95 | 146.83 | 150.90 |
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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