The dollar slipped on Friday after the Thanksgiving holiday. Currency markets are likely to be muted with investor convictions in peak US rates.
EBC Forex Snapshot
24 Nov 2023
The dollar slipped on Friday after the Thanksgiving holiday. Currency markets are likely to be muted with investor convictions in peak US rates.
The yen edged higher after Japan’s inflation picked up. Core consumer prices rose 2.9% year on year in Oct, up from 2.8% in September. The YCC policy is now widely seen as obsolete.
However, Japan's factory activity shrank for a sixth straight month in Nov while modest growth in the service sector was little changed – a sign of soft demand, a business survey showed on Friday.
Citi (as of 13 Nov) | HSBC (as of 22 Nov) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0517 | 1.0769 | 1.0661 | 1.1061 |
GBP/USD | 1.2037 | 1.2428 | 1.2262 | 1.2686 |
USD/CHF | 0.8745 | 0.9338 | 0.8740 | 0.9004 |
AUD/USD | 0.6270 | 0.6522 | 0.6398 | 0.6650 |
USD/CAD | 1.3640 | 1.3899 | 1.3599 | 1.3830 |
USD/JPY | 147.43 | 151.95 | 146.38 | 151.16 |
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.
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.
2024-07-24