2024-04-17
EBC Forex Snapshot, 17 Apr 2024
The dollar was slightly higher on Wednesday as Fed Chair Jerome Powell said there was a lack of further progress on returning to its inflation goal. Traders now anticipate 40 bps of cuts in 2024.
Sterling reversed its earlier losses after data showing inflation in the UK cooled less than expected in March. The core figure stayed firmly above 4%, which puts a June rate cut in doubts.
Last week, BOE Governor Andrew Bailey said he saw “strong evidence” that higher interest rates were working to tame inflation. But it appears the UK may be going in the US direction.
| Citi (as of 15 Apr) | HSBC (as of 16 Apr) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0517 | 1.0865 | 1.0529 | 1.0800 |
| GBP/USD | 1.2337 | 1.2709 | 1.2342 | 1.2628 |
| USD/CHF | 0.8999 | 0.9148 | 0.9023 | 0.9178 |
| AUD/USD | 0.6443 | 0.6668 | 0.6360 | 0.6583 |
| USD/CAD | 1.3478 | 1.3855 | 1.3576 | 1.3896 |
| USD/JPY | 150.88 | 153.39 | 151.90 | 155.54 |
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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