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.
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.
| 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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