2024-10-14
EBC Forex Snapshot, 14 Oct 2024
The US dollar maintained its strength and edged higher during Asian trading on Monday, as a holiday in Japan reduced market liquidity. This shift placed greater attention on China’s weekend stimulus announcements, which fell short of market expectations.
A key dollar index was nearing last week's high, the strongest level since mid-August. This rise was driven by traders scaling back expectations for significant rate cuts from the Federal Reserve in its upcoming meetings.
The British pound remained near a one-month low, even as UK GDP data revealed a return to growth. The economy expanded by 0.2% in August, meeting market expectations, following two months of stagnation.
| Citi (as of 7 Oct) | HSBC (as of 14 Oct) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0951 | 1.1214 | 1.0819 | 1.1134 |
| GBP/USD | 1.2923 | 1.3266 | 1.2912 | 1.3327 |
| USD/CHF | 0.8375 | 0.8749 | 0.8441 | 0.8655 |
| AUD/USD | 0.6757 | 0.6950 | 0.6656 | 0.6893 |
| USD/CAD | 1.3420 | 1.3792 | 1.3525 | 1.3893 |
| USD/JPY | 139.50 | 149.00 | 143.99 | 151.90 |
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.
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.
