The dollar neared a 7-week high against the euro


Thursday saw the dollar near a seven-week high against the euro after Fed Chair Jerome Powell resisted March interest rate cuts.

EBC Forex Snapshot

1 Feb 2024

The dollar held near a seven-week high against the euro on Thursday, after Fed Chair Jerome Powell pushed back on the idea of interest rate cuts as soon as March.

Monthly CPl changes, France and Germany

France and Germany have published their latest consumer price index data and the results are promising. INSEE reported a 0.2% drop in prices month-to-month and Destatis reported a 0.2% increase in January.


ECB President Christine Lagarde said last week that "the disinflation process is at work", and Bundesbank President Joachim Nagel remarked on Tuesday that the central bank had "tamed the greedy beast" of inflation.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 22 Jan) HSBC (as of 1 Feb)

support resistance support resistance
EUR/USD 1.0848 1.1139 1.0744 1.0937
GBP/USD 1.2536 1.2848 1.2590 1.2782
USD/CHF 0.8333 0.8667 0.8489 0.8731
AUD/USD 0.6526 0.6900 0.6483 0.6688
USD/CAD 1.3177 1.3619 1.3336 1.3536
USD/JPY 140.59 148.80 144.55 149.01

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 dollar tracked toward monthly gains on Thursday

The dollar tracked toward monthly gains on Thursday

The dollar edged higher before key inflation data, while the Swiss franc remains weakest among G10 currencies this month.

The dollar inched up on Wednesday

The dollar inched up on Wednesday

Despite US durable goods orders falling more than expected, the dollar edged up on Wednesday. The market mostly excludes a Fed rate cut before June.

​Gas prices suffer triple blow

​Gas prices suffer triple blow

U.S. natural gas prices hit a 3-year low due to a warm winter, excess inventory, and high production. European prices are back to pre-invasion levels.