Dollar dropped Tuesday, with markets eyeing upcoming economic data. Expectations for rate cut shifted to June from May, per CME's FedWatch Tool.
EBC Forex Snapshot, 27 Feb 2024
The dollar fell on Tuesday, as markets looked ahead to a week of economic data. Markets have recently pushed back expectations for a cut to June from May, CME's FedWatch Tool showed.
Sterling volatility has hit a four-year low, reflecting the degree of investor complacency and the currency's steady performance. The BOE is expected to act later than the Fed and the ECB this year.
speculators have trimmed their bullish positions in the pound for the first time in eight weeks, suggesting that they may be on the hunt for a new catalyst to give the currency a bit of fresh pep.
Citi (as of 19 Feb) | HSBC (as of 27 Feb) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0694 | 1.1017 | 1.0731 | 1.0926 |
GBP/USD | 1.2476 | 1.2827 | 1.2573 | 1.2750 |
USD/CHF | 0.8551 | 0.9013 | 0.8694 | 0.8893 |
AUD/USD | 0.6443 | 0.6624 | 0.6456 | 0.6610 |
USD/CAD | 1.3379 | 1.3586 | 1.3417 | 1.3592 |
USD/JPY | 146.09 | 151.91 | 148.58 | 151.84 |
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.
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Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.
2024-07-26The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.
2024-07-25The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.
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