The dollar hits a two-month low - EBC Daily Snapshot

2023-11-20
Summary:

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.

EURUSD

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.

Citibank vs. HSBC Currency Pair Data Comparison

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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The Australian dollar was unaffected on Wednesday

The Australian dollar was unaffected on Wednesday

Wednesday saw the dollar rise as the Fed might delay rate cuts. The Aussie dollar stayed flat after strong inflation data.

2024-05-29
Eurozone inflation rises on Tuesday

Eurozone inflation rises on Tuesday

Tuesday saw the dollar weaken slightly amid a rising risk appetite, holding steady in Asia with minimal currency movement.

2024-05-28
The dollar made a steady start to the week on Monday

The dollar made a steady start to the week on Monday

The dollar started steady on Monday, with markets eyeing inflation data. Bullish sentiment fades as the US economy cools.

2024-05-27