The dollar rose to a five-month high on Tuesday

2024-04-16
Summary:

The dollar hit a 5-month high on Tuesday as US retail sales surged 0.7% in March, beating economists' 0.4% forecast.

EBC Forex Snapshot, 16 Apr 2024


The dollar rose to a five-month high on Tuesday following consumption figures. US retail sales rose 0.7% in March from the prior month, beat the 0.4% increase that economists projected.


The Australian dollar struggled around its lowest since mid-November although data showed China’s economy grew faster than expected in Q1. Fitch cut its outlook on the sovereign credit rating to negative last week.

AUDUSD

Investors have increased their allocations to stocks and commodities and dumped bonds, the most bullish since January 2022 –a good sign for commodity currencies, BofA’s monthly fund manager survey showed.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 15 Apr) HSBC (as of 16 Apr)

support resistance support resistance
EUR/USD 1.0517 1.0865 1.0529 1.0800
GBP/USD 1.2337 1.2709 1.2342 1.2628
USD/CHF 0.8999 0.9148 0.9023 0.9178
AUD/USD 0.6443 0.6668 0.6397 0.6587
USD/CAD 1.3478 1.3855 1.3576 1.3896
USD/JPY 150.88 153.39 151.90 155.54

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 dollar hovered near a one-week high on Thursday

The dollar hovered near a one-week high on Thursday

Thursday saw the dollar near a one-week peak after its strongest day this month, spurred by Fed minutes hinting at potential rate hikes ahead.

2024-05-23
Most major currencies continued to move in a tight range

Most major currencies continued to move in a tight range

With little economic data this week, major currencies stayed stable on Wednesday, but the pound rose on hotter-than-expected UK inflation data.

2024-05-22
The dollar struggled for direction on Tuesday

The dollar struggled for direction on Tuesday

The dollar hesitated as the Aussie fell; China's capital outflows surged in April, with local firms buying the most foreign exchange since April 2016.

2024-05-21