The dollar dipped from a two-week peak on Wednesday

2024-01-03
Summary:

Wednesday: The dollar eased from a 2-week high, supported by factors like Treasury yields and cautious market sentiment, impacting Wall Street.

EBC Forex Snapshot


3 Jan 2024


The dollar eased slightly on Wednesday from a two-week high, underpinned by a confluence of factors including elevated Treasury yields and a cautious turn in risk sentiment that weighed on Wall Street.


The euro and sterling were nursing deep losses, after the currencies had on Tuesday clocked their worst daily performance in months due to signs of weak growth.

EURUSD

Britain's manufacturing sector suffered a setback in its attempts to return to growth as output and employment hit a steeper slump in December, while euro zone factory activity contracted in December for an 18th straight month.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 18 Dec) HSBC (as of 2 Jan)

support resistance support resistance
EUR/USD 1.0724 1.1017 1.0830 1.1198
GBP/USD 1.2326 1.2848 1.2538 1.2868
USD/CHF 0.8667 0.8957 0.8235 0.8684
AUD/USD 0.6526 0.6750 0.6610 0.6942
USD/CAD 1.3381 1.3695 1.3071 1.3505
USD/JPY 139.48 147.50 138.74 144.49

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.

Currency pressures persist on Thursday

Currency pressures persist on Thursday

On Thursday, the dollar weakened while pressures on other currencies persisted. Strong data dampened expectations of Fed rate cuts in June.

2024-04-18
Pound rises from fall to rise

Pound rises from fall to rise

Fed Chair Powell's comments on Wednesday drove a modest dollar gain, citing limited progress on inflation goals. Traders predict a 40-bps cut by 2024.

2024-04-17
The dollar rose to a five-month high on Tuesday

The dollar rose to a five-month high on Tuesday

The dollar hit a 5-month high on Tuesday as US retail sales surged 0.7% in March, beating economists' 0.4% forecast.

2024-04-16