2024-10-09
EBC Forex Snapshot, 9 Oct 2024
The dollar drifted sideways on Wednesday, giving some relief to other major currencies after a sharp rally to a seven-week high last week. Loonie languished around a seven-week low.
Investors now have about an 85% chance of a 25-bp reduction priced in at the next meeting, as well as a slim probability the Fed will leave rates unchanged, the CME FedWatch tool showed.
Oil is one of Canada's major exports, which declined in August, contributing to a widening in the trade deficit to C$1.1 billion. Analysts had forecast a C$500 million deficit.
| Citi (as of 7 Oct) | HSBC (as of 8 Oct) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0951 | 1.1214 | 1.0878 | 1.1141 |
| GBP/USD | 1.2923 | 1.3266 | 1.2948 | 1.3326 |
| USD/CHF | 0.8375 | 0.8749 | 0.8421 | 0.8639 |
| AUD/USD | 0.6757 | 0.6950 | 0.6681 | 0.6888 |
| USD/CAD | 1.3420 | 1.3792 | 1.3474 | 1.3703 |
| USD/JPY | 139.50 | 149.00 | 142.70 | 151.40 |
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.
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