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The dollar remained on the back foot on Wednesday

2024-07-03

EBC Forex Snapshot, 3 Jul 2024


The dollar remained on the back foot on Wednesday after dovish comments from Fed Chair Jerome Powell following a strong domestic jobs reports sent Treasury yields lower.


US job openings rose in May after posting outsized declines in the prior two months, but data or April was revised lower. The trend remained consistent with an easing in labour market conditions.

EURUSD

The euro was flat. Euro zone inflation eased last month but a crucial services component remained stubbornly high, fuelling concern that domestic price pressures could stay at elevated levels.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 24 Jun) HSBC (as of 3 Jul)

support resistance support resistance
EUR/USD 1.0668 1.0916 1.0667 1.0819
GBP/USD 1.2619 1.2860 1.2594 1.2791
USD/CHF 0.8827 0.9158 0.8891 0.9116
AUD/USD 0.6564 0.6729 0.6603 0.6708
USD/CAD 1.3577 1.3846 1.3608 1.3761
USD/JPY 153.60 160.00 158.09 163.27

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.