The dollar rose to an eight-week high on Monday


The dollar surged to an 8-week high as traders reduced bets on aggressive Fed rate cuts. Simultaneously, the Canadian dollar hit a one-week low.

EBC Forex Snapshot

5 Feb 2024

The dollar rose to an eight-week high on Monday as traders trimmed bets for aggressive rate cuts by the Fed this year. Meanwhile the Canadian dollar weakened to a one-week low.

Preliminary data showed Canada's economy likely expanding at an annualised rate of 1.2% in Q4. That means the economy probably avoided a technical recession.


Money markets pared bets for an April rate cut to a 42% chance by the BOC. Oil prices just posted weekly loss due to faltering growth in China and rising non-OPEC supply.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 29 Jan) HSBC (as of 5 Feb)

support resistance support resistance
EUR/USD 1.0822 1.1139 1.0716 1.0902
GBP/USD 1.2487 1.2827 1.2557 1.2738
USD/CHF 0.8333 0.8728 0.8566 0.8745
AUD/USD 0.6526 0.6900 0.6442 0.6623
USD/CAD 1.3379 1.3619 1.3363 1.3549
USD/JPY 145.09 148.80 146.35 149.60

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 dollar tracked toward monthly gains on Thursday

The dollar tracked toward monthly gains on Thursday

The dollar edged higher before key inflation data, while the Swiss franc remains weakest among G10 currencies this month.

The dollar inched up on Wednesday

The dollar inched up on Wednesday

Despite US durable goods orders falling more than expected, the dollar edged up on Wednesday. The market mostly excludes a Fed rate cut before June.

​Gas prices suffer triple blow

​Gas prices suffer triple blow

U.S. natural gas prices hit a 3-year low due to a warm winter, excess inventory, and high production. European prices are back to pre-invasion levels.