2024-02-28
EBC Forex Snapshot, 28 Feb 2024
The dollar inched up on Wednesday despite data showing that orders for durable goods fell more than expected in the US last month. Markets have largely priced out a Fed’s cut before June.
The australian dollar was hanging near its lowest in over a week. Australia's monthly CPI held at a two-year low, reinforcing expectations that interest rates are unlikely to increase further.
Iron ore futures tumbled this week to their lowest level in four months as higher inventories in key buyer China and slower construction activity due to unfavourable weather raised demand concerns.
| Citi (as of 19 Feb) | HSBC (as of 28 Feb) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0694 | 1.1017 | 1.0729 | 1.0924 |
| GBP/USD | 1.2476 | 1.2827 | 1.2574 | 1.2751 |
| USD/CHF | 0.8551 | 0.9013 | 0.8708 | 0.8871 |
| AUD/USD | 0.6443 | 0.6624 | 0.6458 | 0.6612 |
| USD/CAD | 1.3379 | 1.3586 | 1.3430 | 1.3605 |
| USD/JPY | 146.09 | 151.91 | 148.65 | 151.61 |
The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.
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