The Australian dollar dips from a two-month high


The US dollar rose slightly Tuesday, seeking more NFP-aligned data. The Aussie dollar dipped from a near-two-month high as the RBA stayed dovish.

EBC Forex Snapshot,7 May 2024

The US dollar edged up on Tuesday as more data is needed that align with the NFP report. The Australian dollar fell from near a two-month high after the RBA refrained from ramping up hawkish signals.

"Recent data indicate that, while inflation is easing, it is doing so more slowly than previously expected and it remains high," said the RBA in a statement.


The central bank's latest forecasts show inflation is expected to pick up to 3.8% and stay there until the end of the year, from 3.6% in Q1. More tightening is unlikely as the economy slowed to a crawl.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 29 Apr) HSBC (as of 6 May)

support resistance support resistance
EUR/USD 1.0601 1.0885 1.0634 1.0847
GBP/USD 1.2289 1.2524 1.2349 1.2686
USD/CHF 0.8999 0.9157 0.8965 0.9184
AUD/USD 0.6362 0.6668 0.6430 0.6717
USD/CAD 1.3478 1.3846 1.3579 1.3817
USD/JPY 155.00 160.20 149.88 158.06

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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The dollar was little changed on Monday

The dollar was little changed on Monday

The dollar was steady on Monday. Markets see a 58% chance of a September rate cut and expect two cuts this year, per LSEG's FedWatch data.

The dollar pushed to a fresh eight-week top

The dollar pushed to a fresh eight-week top

The dollar rose to an eight-week high above 159 yen on Friday as the Fed's patient rate-cut stance contrasted with more dovish global positions.

Thursday's Dollar Strengthens Slightly

Thursday's Dollar Strengthens Slightly

The dollar rose as Fed Governor Adriana Kugler sees policy as "sufficiently restrictive" to control inflation without major job market harm.