Swiss franc rises for three consecutive days

2024-05-03
Summary:

The dollar fell against most currencies and was set for its worst week in nearly two months, partly due to a sharp rise in the yen this week.

EBC Forex Snapshot, 3 May 2024


The dollar lost ground against most of its peers and was headed for its worst week in nearly two months on Friday, in part due to a sharp rise in the yen this week.


The Swiss franc extended gains for the third day away from seven-month lows. The currency has been among the weakest performing G10 currencies this year, falling over 8%.

USDCHF

Data showing Swiss inflation rose more than expected in April hurts the odds of another rate cut by the SNB. The procure.ch PMI fell to its lowest since Oct 2023 while the service sector recovered significantly.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 29 Apr) HSBC (as of 2 May)

support resistance support resistance
EUR/USD 1.0601 1.0885 1.0621 1.0774
GBP/USD 1.2289 1.2524 1.2358 1.2631
USD/CHF 0.8999 0.9157 0.9035 0.9249
AUD/USD 0.6362 0.6668 0.6393 0.6619
USD/CAD 1.3478 1.3846 1.3629 1.3846
USD/JPY 155.00 160.20 151.36 158.81

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 yen fell to an over one-month low on Friday

The yen fell to an over one-month low on Friday

The yen hit a 1-month low Friday as the BOJ held rates and announced future bond buying cuts, contrary to market expectations for this month.

2024-06-14
Major currencies rose against the dollar on Thursday

Major currencies rose against the dollar on Thursday

Major currencies held gains as a weaker dollar followed softer-than-expected US inflation. Markets still expect two 25 bps cuts this year.

2024-06-13
The Dollar Remained Steady on Wednesday.

The Dollar Remained Steady on Wednesday.

The dollar steadied on Wednesday after a four-week high. Markets see a 56% chance of a September rate cut, per the CME FedWatch tool.

2024-06-12