The dollar remained under pressure on Wednesday

2023-12-27
Summary:

Dollar weak, euro near 4-month high on Fed rate cut expectations. Holiday-related low trading volumes are expected until the New Year.

EBC Forex Snapshot


27 Dec 2023


The dollar remained under pressure on Wednesday and the euro was close to a four-month peak, as expectations that the Fed would soon cut interest rates took hold in the market. With many traders out for holidays, volumes are likely to be muted until the New Year.


Markets are now pricing in a 79% chance of a rate cut starting in March 2024, according to CME FedWatch tool, with over 150 basis points of cuts priced in for next year.

EURUSD

The eurozone economy is set for only modest growth next year despite wages rising faster than inflation for the first time in three years, according to a FT poll of economists.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 14 Dec) HSBC (as of 27 Dec)

support resistance support resistance
EUR/USD 1.0724 1.1017 1.0828 1.1150
GBP/USD 1.2326 1.2848 1.2551 1.2848
USD/CHF 0.8667 0.8957 0.8424 0.8732
AUD/USD 0.6445 0.6526 0.6622 0.6928
USD/CAD 1.3381 1.3695 1.3051 1.3479
USD/JPY 139.48 147.50 139.78 146.15

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 Canadian dollar rebounded from an eight-week low

The Canadian dollar rebounded from an eight-week low

Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.

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The Yen Hits 2.5 Months High

The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.

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Australian Dollar Falls 7% in Two Weeks

Australian Dollar Falls 7% in Two Weeks

The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.

2024-07-24

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC and are managed separately. EBC Financial Group (Australia) Pty Ltd provides general financial advise services in Australia.
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Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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