The dollar started Monday on the front foot

2023-12-11
Summary:

The dollar opened strong on Monday, with US inflation data and the final Fed meeting of the year expected to shape the week ahead.

EBC Forex Snapshot


11 Dec 2023


The dollar started Monday on the front foot, with a reading on US inflation and the Fed's last policy meeting for the year likely to set the tone for the week.


Data on Friday showed job growth accelerated in November while the unemployment rate fell to 3.7%. The figure was stronger than expected and defied expectations for rate cuts in the first half of 2024.

USDCAD

The Canadian dollar was weighed by weak oil prices. Analysts see less upside for the currency than previously thought over the coming year, according to a Reuters poll.


The median forecast was 1.3533 per dollar in three months and 1.3130 in a year. The Canadian economy contracted at an annualised rate of 1.1 in the last quarter, so the BOC could begin cut rates as early as March.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 1 Dec) HSBC (as of 8 Dec)

support resistance support resistance
EUR/USD 1.0852 1.1020 1.0692 1.0955
GBP/USD 1.2347 1.2746 1.2445 1.2734
USD/CHF 0.8684 0.8957 0.8651 0.8861
AUD/USD 0.6522 0.6750 0.6503 0.6695
USD/CAD 1.3417 1.3695 1.3459 1.3747
USD/JPY 146.70 151.91 140.55 148.84

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 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.

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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
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC and are managed separately. EBC Financial Group (Australia) Pty Ltd provides general financial advise services in Australia.
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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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