US Dollar Slips to Multi-Month Lows on Thursday

2024-05-16
Summary:

US core inflation hits a 3-year low, causing the dollar to plummet; the Australian dollar also falls from a 4-month peak due to a weak jobs report.

EBC Forex Snapshot, 16 May 2024


The dollar slips to multi-month lows on Thursday after US core inflation hit its slowest in three years. The Australian dollar was dragged lower by a weak jobs report from its four-month high.


Australian employment rose by more than expected in April, data showed on Thursday, but the jobless rate still climbed to a three-month top. Wage growth eased for the first time in Q1 since Q4 2022.

AUDUSD

Speculative wagers against the Aussie are hovering near a two-year high, but some strategists say the heavy bets may backfire as a lot of the bad news like geopolitical risks is already in the price.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 6 May) HSBC (as of 16 May)

support resistance support resistance
EUR/USD 1.0601 1.0885 1.0722 1.0968
GBP/USD 1.2300 1.2709 1.2519 1.2776
USD/CHF 0.8999 0.9244 0.8929 0.9167
AUD/USD 0.6443 0.6668 0.6532 0.6783
USD/CAD 1.3478 1.3846 1.3531 1.3728
USD/JPY 151.86 157.68 151.14 159.32

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 Canadian dollar rebounded from an eight-week low

The Canadian dollar rebounded from an eight-week low

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

2024-07-26
The Yen Hits 2.5 Months High

The Yen Hits 2.5 Months High

The 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.

2024-07-25
Australian Dollar Falls 7% in Two Weeks

Australian Dollar Falls 7% in Two Weeks

The 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

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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