The dollar index hovered at a one-month high


Fed Governor Waller's comments tempered rate-cut expectations, keeping the dollar index near a one-month high on Wednesday.

EBC Forex Snapshot

17 Jan 2024

The dollar index hovered at a one-month high on Wed as Fed Governor Christopher Waller became the latest in a line of policymakers to water down rate cut expectations.

He said that the central bank should not rush towards loosening until it is clear lower inflation will be sustained. Markers are pricing a chance of around 62% for a policy pivot in March.


Sterling rose after data showed Britain's annual inflation rate increased for the first time in 10 months and beat analyst forecast. Core inflation stayed above 5%, leaving the BOE at an impasse.

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.

The euro's recent performance has been sluggish

The euro's recent performance has been sluggish

The dollar rose moderately on Friday as weaker-than-expected March US PPI did not relieve concerns that the Fed will delay loosening this year.

Yen near post-1990 lows

Yen near post-1990 lows

Thursday saw the dollar stay strong as inflation data dashed hopes for a Q2 rate cut. The yen neared its lowest since the '90s.

The US dollar consolidated on Wednesday

The US dollar consolidated on Wednesday

US dollar stabilized pre-key inflation report; Canadian dollar strengthened amid renewed Middle East uncertainties, halting oil price declines.