The dollar held near an over four-month peak

2024-04-03
Summary:

The dollar hovered near a four-month high Wed. Traders anticipate Fed rate cuts of around 70 bps this year, with easing likely beginning in July.

EBC Forex Snapshot, 3 Apr 2024


The dollar held near an over four-month peak on Wednesday. Traders now expect just about 70 bps worth of rate cuts by the Fed this year, with the start of easing fully priced in for July.


The yen languished close to its lowest its decades although data showed Japan service sector activity expanded the fastest in 7 months in March – the 19th consecutive month of increase.

USDJPY

The BOJ's tankan survey released on Monday showed optimism in Japan's service sector climbed to a 33-year high in the first quarter on booming tourism and rising profits from price hikes.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 25 Mar) HSBC (as of 3 Apr)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0676 1.0907
GBP/USD 1.2503 1.2896 1.2468 1.2754
USD/CHF 0.8741 0.9112 0.8875 0.9185
AUD/USD 0.6443 0.6691 0.6453 0.6608
USD/CAD 1.3359 1.3607 1.3473 1.3634
USD/JPY 146.66 151.91 148.66 153.21

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.

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