Sterling rose on Thursday - EBC Daily Snapshot
2023-11-02
Summary:
The pound rose pre-BOE rate decision, and the dollar fell post-Fed, maintaining rates. Market reactions followed these key events.
EBC Forex Snapshot
2 Nov 2023
The pound edged higher on Thursday ahead of an interest rate decision from the BOE, while the dollar fell after the Fed held borrowing costs steady on Wednesday.
The greenback has traded sideways since hitting an almost one-year high of 107.34 in early October on the back of a sharp rise in Treasury yields.
Signs of a slowdown in much of the British economy have become clearer, although inflation remains stronger than in many other major economies.
| Citi (as of 24 Oct) | HSBC (as of 1 Nov) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0448 | 1.0737 | 1.0482 | 1.0681 |
| GBP/USD | 1.2011 | 1.2387 | 1.2036 | 1.2299 |
| USD/CHF | 0.8745 | 0.9338 | 0.8958 | 0.9179 |
| AUD/USD | 0.6286 | 0.6604 | 0.6259 | 0.6421 |
| USD/CAD | 1.3381 | 1.3786 | 1.3669 | 1.3985 |
| USD/JPY | 146.00 | 150.16 | 149.73 | 152.68 |
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.
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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