The dollar is at a one-month low against the euro

2024-05-15
Summary:

The dollar hit a 1-month low vs. the euro before the US inflation report. Q1's high consumer prices spur a Fed rate cut reassessment.

EBC Forex Snapshot, 15 May 2024


The dollar dipped to a one-month low against the euro on Wednesday ahead of a key US inflation report. Higher-than-expected consumer prices in Q1 were the driving force for a sharp repricing of Fed's rate cuts.


Fed Chair Jerome Powell gave a bullish assessment on Tuesday with an outlook for continued above-trend growth and confidence in falling inflation remains largely intact.

EURUSD

Some ECB Bank officials deemed it appropriate to cut interest rates when they convened last month, an account of their meeting showed. But views remain divided regarding how quickly to lower borrowing costs.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 6 May) HSBC (as of 14 May)

support resistance support resistance
EUR/USD 1.0601 1.0885 1.0687 1.0851
GBP/USD 1.2300 1.2709 1.2440 1.2654
USD/CHF 0.8999 0.9244 0.8983 0.9202
AUD/USD 0.6443 0.6668 0.6498 0.6682
USD/CAD 1.3478 1.3846 1.3587 1.3763
USD/JPY 151.86 157.68 152.02 160.20

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.


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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