The dollar hovered near a one-month peak

2024-01-18
Summary:

Thu saw the dollar near a one-month peak post strong US retail sales, signaling persistent inflation. The market still expects a 150 bps cut in 2024.

EBC Forex Snapshot


18 Jan 2024


The dollar hovered near a one-month peak on Thu after robust US retail sales data was indicative of inflation stubbornness. The market is still pricing in a likely 150 bps for 2024.


The Australian dollar was little changed after data showed an unexpected drop in employment in December. A net loss of 65,000 jobs was seen though unemployment rate held steady at 3.9%.

AUDUSD

Rio Tinto Group, the world’s top iron ore exporter, sees increased stimulus measures in China driving iron ore demand into a gradual recovery this year. The commodity has experienced a sharp pullback since the new year began.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 8 Jan) HSBC (as of 16 Jan)

support resistance support resistance
EUR/USD 1.0833 1.1150 1.0836 1.1100
GBP/USD 1.2536 1.2848 1.2612 1.2832
USD/CHF 0.8333 0.8667 0.8398 0.8644
AUD/USD 0.6641 0.6900 0.6561 0.6815
USD/CAD 1.3177 1.3483 1.3246 1.3529
USD/JPY 139.48 144.96 141.84 148.01

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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