The Australian dollar dips from a two-month high

2024-05-07
Summary:

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.

USDJPY

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.


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 Canadian dollar rebounded from an eight-week low

The Canadian dollar rebounded from an eight-week low

Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.

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The Yen Hits 2.5 Months High

The Yen Hits 2.5 Months High

The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.

2024-07-25
Australian Dollar Falls 7% in Two Weeks

Australian Dollar Falls 7% in Two Weeks

The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.

2024-07-24

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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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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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