The dollar held steady on Friday


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.


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.

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The euro firmed on Tuesday

The euro firmed on Tuesday

The euro rose on Tuesday but faced its biggest monthly drop since January. Eurozone business surged in April with strong service sector growth.

The yen barely moved in Asian trading on Monday

The yen barely moved in Asian trading on Monday

The yen stayed steady in Asian trading on Monday, while the US dollar held near five-month highs after last week's policy and geopolitical changes.

A wave of risk aversion swept over markets on Friday

A wave of risk aversion swept over markets on Friday

Markets experienced a wave of risk aversion on Friday as reports emerged of Israel attacking Iran, prompting investors to seek safe-haven currencies.