The dollar fell on Tuesday


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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The euro's recent performance has been sluggish

The euro's recent performance has been sluggish

The dollar rose moderately on Friday as weaker-than-expected March US PPI did not relieve concerns that the Fed will delay loosening this year.

Yen near post-1990 lows

Yen near post-1990 lows

Thursday saw the dollar stay strong as inflation data dashed hopes for a Q2 rate cut. The yen neared its lowest since the '90s.

The US dollar consolidated on Wednesday

The US dollar consolidated on Wednesday

US dollar stabilized pre-key inflation report; Canadian dollar strengthened amid renewed Middle East uncertainties, halting oil price declines.