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.
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.
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.
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