The dollar slid to a two-month low on Monday, extending a downtrend from last week as traders reaffirmed their belief that US rates have peaked.
EBC Forex Snapshot
20 Nov 2023
The dollar slid to a two-month low on Monday, extending a downtrend from last week as traders reaffirmed their belief that US rates have peaked.
Focus now turns to when the first rate cut could occur, with futures pricing in a 30% chance that the Fed could begin to lower rates as early as March, according to the CME FedWatch tool.
The euro hit its highest since August. ECB President Christine Lagarde said last week that the EU needs a capital markets union to raise money needed to meet the challenge confronting the bloc.
Citi (as of 13 Nov) | HSBC (as of 20 Nov) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0517 | 1.0769 | 1.0643 | 1.1043 |
GBP/USD | 1.2037 | 1.2428 | 1.2201 | 1.2613 |
USD/CHF | 0.8745 | 0.9338 | 0.8763 | 0.9029 |
AUD/USD | 0.6270 | 0.6522 | 0.6366 | 0.6595 |
USD/CAD | 1.3640 | 1.3899 | 1.3597 | 1.3869 |
USD/JPY | 147.43 | 151.95 | 148.45 | 151.36 |
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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Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.
2024-07-26The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.
2024-07-25The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.
2024-07-24