The dollar showed a lack of direction on Thursday

2024-01-25
Summary:

Thursday: Dollar near 6-week high lacks direction as investors await more data. Q4 US GDP growth expected at 2% - Reuters poll.

25 Jan 2024


The dollar showed a lack of direction around its six-week high on Thursday as investors await more data this week. The first reading of Q4 US GDP growth is likely to show 2% annualised growth, according to a Reuters poll.


Markets are currently pricing in a 43% chance of a cut in March, the CME FedWatch tool shows. The greenback is up about 2% this month due to rising geopolitical tensions and inflation pickup.

AUDUSD

The Australian dollar struggled to sustain a China-inspired rally although global shares are set to climb higher for a second straight day. Markets are calling for more action by China to stave off systematic risks.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 15 Jan) HSBC (as of 25 Jan)

support resistance support resistance
EUR/USD 1.0848 1.1139 1.0803 1.0981
GBP/USD 1.2536 1.2848 1.2616 1.2808
USD/CHF 0.8333 0.8667 0.8477 0.8752
AUD/USD 0.6612 0.6900 0.6483 0.6708
USD/CAD 1.3093 1.3177 1.3358 1.3614
USD/JPY 140.59 146.49 144.34 149.73

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.


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 tracked toward monthly gains on Thursday

The dollar tracked toward monthly gains on Thursday

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