The Dollar Headed for Its Largest Weekly Rise in a Month

2024-05-24
Summary:

Friday saw the dollar's largest weekly rise in six weeks, driven by strong US economic data and stirring interest rate concerns.

EBC Forex Snapshot, 24 May 2024


The dollar headed for its largest weekly rise in a month and a half on Friday as surprisingly strong US economic data has left markets on edge about the outlook for interest rates.


May figures showed US business activity accelerated to the highest level in just over two years. The yen dipped below 157 per dollar as Japan's core inflation slowed for a second straight month in April.

USDJPY

The increase in the nationwide core CPI marked the 25th straight month it has remained above the BOJ's 2% target, but the slowdown may signal a scarcer chance of an imminent rate hike.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 20 May) HSBC (as of 24 May)

support resistance support resistance
EUR/USD 1.0793 1.0895 1.0725 1.0897
GBP/USD 1.2300 1.2712 1.2506 1.2824
USD/CHF 0.8988 0.9244 0.9033 0.9205
AUD/USD 0.6443 0.6729 0.6537 0.6695
USD/CAD 1.3478 1.3846 1.3623 1.3798
USD/JPY 152.12 157.68 154.09 158.48

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.

The yen was off its seven-week low

The yen was off its seven-week low

The dollar held seven-week highs on Tuesday as investors cut rate-cut bets after a strong jobs report, while Middle East tensions weighed on it.

2024-10-08
The yen dipped to its lowest level in nearly two months

The yen dipped to its lowest level in nearly two months

The dollar rallied on strong US jobs data and escalating Middle East conflict, while the yen fell to its lowest level in nearly two months.

2024-10-07
Eurozone Inflation Dropped to 1.8% Last Month

Eurozone Inflation Dropped to 1.8% Last Month

The dollar gained support Thursday as the Fed is not expected to cut interest rates soon, while the euro stayed near a three-week low.

2024-10-03