2023-12-01
EBC Forex Snapshot
1 Dec 2023
The dollar dipped on Friday, while the euro edged higher. US consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2.5 years.
Markets are pricing in a 97% chance of the Fed standing pat in its December meeting, the CME FedWatch tool showed, with a 46% chance of a rate cut in March next year compared with a 27% chance last week.
The euro slumped overnight as data that showed inflation tumbled more than expected for a third straight month in November. Falling energy prices and lower growth in food and services prices were the main factors behind the slowdown.
| Citi (as of 20 Nov) | HSBC (as of 30 Nov) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0517 | 1.0945 | 1.0742 | 1.1105 |
| GBP/USD | 1.2037 | 1.2525 | 1.2341 | 1.2890 |
| USD/CHF | 0.8745 | 0.9338 | 0.8621 | 0.8955 |
| AUD/USD | 0.6340 | 0.6520 | 0.6411 | 0.6750 |
| USD/CAD | 1.3640 | 1.3899 | 1.3467 | 1.3782 |
| USD/JPY | 149.21 | 151.91 | 145.29 | 150.56 |
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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