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.
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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Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.
2024-07-26The 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.
2024-07-25The 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