The dollar edged higher on Thursday


The dollar rose on Thursday; investors tempered Fed rate-cut expectations. Caution prevails after last month's risk rally, impacting markets.

EBC Forex Snapshot

4 Jan 2024

The dollar edged higher on Thursday as investors scaled back their expectations of rate cuts by the Fed this year, with caution hanging over markets after an impressive risk rally last month.

Minutes of December policy meeting released on Wednesday showed officials were convinced about disinflation and were concerned about the risks of over-tightening on the economy.

Data showed US manufacturing contracted further in December, though the pace of decline slowed, while job openings fell for the third straight month in Nov.


The loonie was not far away from its two-week low despite a spike in oil prices. Both the US and Canada will release their employment reports later in the day.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 18 Dec) HSBC (as of 4 Jan)

support resistance support resistance
EUR/USD 1.0724 1.1017 1.0826 1.1078
GBP/USD 1.2326 1.2848 1.2570 1.2790
USD/CHF 0.8667 0.8957 0.8310 0.8690
AUD/USD 0.6526 0.6750 0.6637 0.6846
USD/CAD 1.3381 1.3695 1.3213 1.3453
USD/JPY 139.48 147.50 140.70 145.41

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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The euro firmed on Tuesday

The euro firmed on Tuesday

The euro rose on Tuesday but faced its biggest monthly drop since January. Eurozone business surged in April with strong service sector growth.

The yen barely moved in Asian trading on Monday

The yen barely moved in Asian trading on Monday

The yen stayed steady in Asian trading on Monday, while the US dollar held near five-month highs after last week's policy and geopolitical changes.

A wave of risk aversion swept over markets on Friday

A wave of risk aversion swept over markets on Friday

Markets experienced a wave of risk aversion on Friday as reports emerged of Israel attacking Iran, prompting investors to seek safe-haven currencies.