2023-11-23
EBC Forex Snapshot
23 Nov 2023
The dollar did not gain more momentum on Thursday after bouncing from its low in 2.5 months. Currency markets were little changed due to the Thanksgiving holiday.
Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. But US durable goods orders fell more than expected last month.
Markets see a 27% chance of a rate cut at the March 2024 policy meeting and a 40% chance of a rate cut in May, according to CME Group's FedWatch tool.
Sterling was under renewed pressure. The UK economy will grow much more slowly than expected in the next two years as inflation takes longer to fall, according to the OBR.
| Citi (as of 13 Nov) | HSBC (as of 22 Nov) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0517 | 1.0769 | 1.0661 | 1.1061 |
| GBP/USD | 1.2037 | 1.2428 | 1.2262 | 1.2686 |
| USD/CHF | 0.8745 | 0.9338 | 0.8740 | 0.9004 |
| AUD/USD | 0.6270 | 0.6522 | 0.6398 | 0.6650 |
| USD/CAD | 1.3640 | 1.3899 | 1.3599 | 1.3830 |
| USD/JPY | 147.43 | 151.95 | 146.38 | 151.16 |
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.
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