Euro hits August high - EBC Daily Snapshot


On Monday, the dollar index hit a 2-month low, extending its decline as investors considered peak interest rates and a >50% chance of a May cut.

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.

Citibank vs. HSBC Currency Pair Data Comparison

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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The dollar was little changed on Monday

The dollar was little changed on Monday

The dollar was steady on Monday. Markets see a 58% chance of a September rate cut and expect two cuts this year, per LSEG's FedWatch data.

The dollar pushed to a fresh eight-week top

The dollar pushed to a fresh eight-week top

The dollar rose to an eight-week high above 159 yen on Friday as the Fed's patient rate-cut stance contrasted with more dovish global positions.

Thursday's Dollar Strengthens Slightly

Thursday's Dollar Strengthens Slightly

The dollar rose as Fed Governor Adriana Kugler sees policy as "sufficiently restrictive" to control inflation without major job market harm.