Euro hits biggest drop since September 2022

2024-04-15
Summary:

Monday saw the dollar stabilize, marking its largest weekly surge since 2022, buoyed by rising Middle East tensions and looming high interest rates.

EBC Forex Snapshot, 15 Apr 2024


The dollar steadied on Monday, holding its biggest weekly gain since 2022, as escalating conflict in the Middle East and the prospect of high interest rates lent support.


The euro recorded its biggest weekly percentage drop since late Sep 2022 last week while sterling had its largest weekly percentage drop since mid-July. The Swiss franc rallied though due to its safe-haven status.

EURUSD

The findings from the ECB Survey of Professional Forecasters showed on Friday that all inflation forecasts across the time horizons are left unchanged. Inflation is seen at 2.4% in the eurozonethis year.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 25 Mar) HSBC (as of 15 Apr)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0547 1.0811
GBP/USD 1.2503 1.2896 1.2346 1.2632
USD/CHF 0.8741 0.9112 0.9035 0.9196
AUD/USD 0.6443 0.6691 0.6397 0.6587
USD/CAD 1.3359 1.3607 1.3569 1.3881
USD/JPY 146.66 151.91 151.49 154.37

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.

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