Wednesday's Retail Sales Data Hits Dollar

2024-06-19
Summary:

The dollar rose on weak retail sales data, hinting at Fed rate cuts; sterling climbed as UK inflation hit 2% for the first time in nearly 3 years.

EBC Forex Snapshot, 19 Jun 2024


The dollar recovered some ground on Wednesday after soft retail sales data reinforced bets of imminent Fed rate cuts, while sterling edged up as British inflation returned to 2% for the first time in nearly 3 years.


US retail sales barely rose in May and data for the prior month was revised considerably lower, suggesting that economic activity remained lacklustre in the second quarter of this year.

GBPUSD

The Bank Of England will likely keep interest rates unchanged on Thursday. Markets are pricing in an about 50% chance of a first rate cut by August and almost half a percentage point in monetary easing in 2024.


 Citi (as of 11 Jun) HSBC (as of 19 Jun)

support resistance support resistance
EUR/USD 1.0700 1.0981 1.0631 1.0880
GBP/USD 1.2300 1.2827 1.2621 1.2827
USD/CHF 0.8885 0.9158 0.8730 0.9047
AUD/USD 0.6562 0.6729 0.6585 0.6715
USD/CAD 1.3577 1.3846 1.3614 1.3805
USD/JPY 151.86 157.71 155.50 159.20

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.

The Dollar Gained Further in Asian Trading Monday

The Dollar Gained Further in Asian Trading Monday

The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.

2024-10-14
Euro Stabilizes After Rebounding from 2-Month Low

Euro Stabilizes After Rebounding from 2-Month Low

The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.

2024-10-11
Australian Dollar Rebounds from Mid-September Lows

Australian Dollar Rebounds from Mid-September Lows

The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.

2024-10-10
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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