The Australian dollar gives up gains

2023-11-29
Summary:

The dollar hit a more than three-month low on Wednesday. The Australian dollar pared some of its gains as inflation eased by more than expected in Oct.

EBC Forex Snapshot


29 Nov 2023


The dollar hit a more than three-month low on Wednesday. The Australian dollar pared some of its gains as inflation eased by more than expected in Oct.


Market pricing currently shows a more than 40% chance the Fed could begin easing monetary policy as early as next March, as compared to a roughly 22% chance a day earlier, according to the CME FedWatch tool.

AUDUSD

The consumer price index rose at an annual clip of 4.9% last month compared with a 5.6% pace in September alone, the ABS said. Government support helped to moderate the increases in rents and electricity.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 20 Nov) HSBC (as of 29 Nov)

support resistance support resistance
EUR/USD 1.0517 1.0945 1.0757 1.1120
GBP/USD 1.2037 1.2525 1.2340 1.2889
USD/CHF 0.8745 0.9338 0.8673 0.8970
AUD/USD 0.6340 0.6520 0.6431 0.6770
USD/CAD 1.3640 1.3899 1.3459 1.3772
USD/JPY 149.21 151.91 145.45 150.72

The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains 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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