The dollar sees its largest weekly drop this year

2024-03-08

EBC Forex Snapshot, 8 Mar 2024


The dollar headed for its sharpest weekly drop of the year on Friday as Fed Chair Jerome Powell sounded more confident about cutting interest rates in coming months. The euro hit an almost two-month high.


The ECB left its benchmark rate steady at 4% as expected and laid groundwork for a cut in June by downward revisions to its revisions to growth and inflation outlook.

EURUSD

Eurozone inflation eased to 2.6% in February, but the figure was higher than expected by economist. Rate-setters may worry that rapid wage growth is still pushing up prices in the labour-intensive services sector.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 4 Mar) HSBC (as of 8 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0819 1.1014
GBP/USD 1.2476 1.2827 1.2648 1.2891
USD/CHF 0.8551 0.9013 0.8713 0.8864
AUD/USD 0.6443 0.6624 0.6518 0.6671
USD/CAD 1.3359 1.3606 1.3395 1.3562
USD/JPY 146.68 151.91 146.75 150.08

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.


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