The dollar held steady on Friday

2024-01-12
Summary:

Friday: The dollar steadies amid mixed inflation data vs. expectations of imminent Fed rate cuts. Traders see a 73.2% chance of March cuts.

EBC Forex Snapshot


12 Jan 2024


The dollar held steady on Friday, as investors weighed an ambiguous inflation reading against market bets that the Fed will cut rates soon. Still, traders are pricing in a 73.2% chance of rate cuts in March.


On a 12-month basis, the CPI closed 2023 up 3.4%. Economists surveyed by Dow Jones had forecast a rise of 3.2%. The year-over-year core reading was the lowest since May 2021.

USDCAD

The Canadian dollar strengthened after touching its four-week low on Thursday. The price of oil, one of Canada's major exports got a boost after Iran seized an oil tanker off the coast of Oman.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 2 Jan) HSBC (as of 12 Jan)

support resistance support resistance
EUR/USD 1.0833 1.1150 1.0850 1.1114
GBP/USD 1.2527 1.2848 1.2636 1.2856
USD/CHF 0.8333 0.8667 0.8373 0.8622
AUD/USD 0.6691 0.6900 0.6594 0.6826
USD/CAD 1.3114 1.3387 1.3229 1.3497
USD/JPY 139.48 144.94 141.54 147.71

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.

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