The dollar rose more than 2% last week

2024-09-23
Summary:

The dollar rose on Monday, up over 2% last week. Investors will examine remarks from Fed officials this week after a major rate cut.

EBC Forex Snapshot, 23 Sep 2024


The dollar edged up on Monday, having bounced over 2% last week. Investors will parse remarks from a large number of Fed officials in the coming week after they opted for a jumbo rate cut.


Loonie steadied as domestic data showed retail sales rising more than expected in July. The BOC said adoption of AI by businesses could add to price pressures in the short term by boosting demand.

USDCAD

Oil prices were buoyed by concerns that heightened conflict in the Middle East may curtail regional supply and expectations last week's outsized US interest rate cut will support demand.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 16 Sep) HSBC (as of 23 Sep)

support resistance support resistance
EUR/USD 1.0857 1.1202 1.1046 1.1234
GBP/USD 1.2812 1.3266 1.3100 1.3441
USD/CHF 0.8375 0.8763 0.8400 0.8575
AUD/USD 0.6618 0.6871 0.6671 0.6890
USD/CAD 1.3441 1.3792 1.3473 1.3656
USD/JPY 140.25 147.13 139.91 147.55

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.

The Yen Stabilized Mid-Range Last Month

The Yen Stabilized Mid-Range Last Month

The US dollar rallied Tuesday as Fed Chair Powell rejected expectations for large rate cuts, while the yen steadied mid-range.

2024-10-01
China Yet Supports Commodity Currencies on Monday

China Yet Supports Commodity Currencies on Monday

On September 30, 2024, China's stimulus supported commodity currencies, pressuring the dollar as core inflation eased to a near three-year low.

2024-09-30
Dollar Set to Record 3rd Straight Month of Decline

Dollar Set to Record 3rd Straight Month of Decline

The dollar wobbled on Friday, heading for a third month of declines as investors assessed Fed policy, while China's stimulus boosted risk currencies.

2024-09-27
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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
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
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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