The Australian dollar rebounded from a recent low
2024-09-09
Summary:
The dollar stayed in tight ranges Monday as investors awaited US inflation data for clues on the Fed's expected rate cut later this month.
EBC Forex Snapshot, 9 Sep 2024
The dollar held to tight ranges on Monday as investors were undecided on the scale of a Fed rate cut expected later this month and looked to this week's US inflation reading for more clues.
Futures show a 35% chance that the central bank could ease rates by 50 bps next week. Policymakers on Friday signalled they are ready to kick off a series of interest rate cuts.
The Australian dollar recovered from a roughly three-week low. Iron ore fell below $90 a ton for the first time since late 2022, weighed down by immediate challenges facing China’s steel sector.
| Citi (as of 2 Sep) | HSBC (as of 9 Sep) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0832 | 1.1202 | 1.1005 | 1.1181 |
| GBP/USD | 1.2860 | 1.3266 | 1.2974 | 1.3268 |
| USD/CHF | 0.8333 | 0.8827 | 0.8323 | 0.8583 |
| AUD/USD | 0.6659 | 0.6871 | 0.6608 | 0.6777 |
| USD/CAD | 1.3420 | 1.3792 | 1.3459 | 1.3662 |
| USD/JPY | 141.70 | 149.39 | 140.25 | 145.82 |
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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