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.

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