The dollar rose on Tuesday


Tuesday saw the dollar climb, with reduced expectations for Fed rate cuts after the ECB's hawkish remarks. The euro lost momentum.

EBC Forex Snapshot

16 Jan 2024

The dollar rose on Tuesday as investors pared back bets on near-term rate-cuts by the Fed following hawkish comments from ECB. The euro lost its upward momentum.

Markets are now pricing in a 66% chance of a 25 bps cut in March by the Fed, the CME FedWatch Tool showed. Meanwhile the ECB and the BOE are expected to cut interest rates later, mostly likely in April and May respectively.


The pound fell after data showed that growth in British wages slowed in the three months through Nov - a sign the labour market was normalising.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 8 Jan) HSBC (as of 16 Jan)

support resistance support resistance
EUR/USD 1.0833 1.1150 1.0836 1.1100
GBP/USD 1.2536 1.2848 1.2612 1.2832
USD/CHF 0.8333 0.8667 0.8398 0.8644
AUD/USD 0.6641 0.6900 0.6561 0.6815
USD/CAD 1.3177 1.3483 1.3246 1.3529
USD/JPY 139.48 144.96 141.84 148.01

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.

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The yen was trading around 156 on Monday

The yen was trading around 156 on Monday

Investors await clues on US interest rates as the dollar holds steady. Fed officials are cautious despite weak inflation signals.

Dollar's biggest 2.5-month fall vs. euro Friday

Dollar's biggest 2.5-month fall vs. euro Friday

The dollar weakened versus the euro this week on signs of lower inflation and a softer US economy, raising Fed rate-cut expectations.

US Dollar Slips to Multi-Month Lows on Thursday

US Dollar Slips to Multi-Month Lows on Thursday

US core inflation hits a 3-year low, causing the dollar to plummet; the Australian dollar also falls from a 4-month peak due to a weak jobs report.