The dollar started the week slightly higher


The dollar edged up on Monday as investors assessed US economic data before the Fed meeting. A 48% probability is assigned for a March rate cut.

EBC Forex Snapshot

26 Jan 2024

The dollar started the week slightly higher on Monday as investors weighed US economic data ahead of the Fed meeting this week. Markets are currently pricing in a 48% chance of a rate cut in March.

The Canadian dollar steadied after a two-week straight decline. Three-month implied volatility for the currency is trading at an annualised rate of about 5.25%, nearly its lowest level since March 2020.


Oil prices jumped as more attacks had been seen in the Red Sea. The BOC said its focus is shifting to when to cut borrowing costs rather than whether to hike again at a meeting last week.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 22 Jan) HSBC (as of 29 Jan)

support resistance support resistance
EUR/USD 1.0848 1.1139 1.0779 1.0958
GBP/USD 1.2536 1.2848 1.2602 1.2794
USD/CHF 0.8333 0.8667 0.8511 0.8753
AUD/USD 0.6526 0.6900 0.6489 0.6694
USD/CAD 1.3177 1.3619 1.3347 1.3547
USD/JPY 140.59 148.80 145.37 149.87

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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The dollar tracked toward monthly gains on Thursday

The dollar tracked toward monthly gains on Thursday

The dollar edged higher before key inflation data, while the Swiss franc remains weakest among G10 currencies this month.

The dollar inched up on Wednesday

The dollar inched up on Wednesday

Despite US durable goods orders falling more than expected, the dollar edged up on Wednesday. The market mostly excludes a Fed rate cut before June.

​Gas prices suffer triple blow

​Gas prices suffer triple blow

U.S. natural gas prices hit a 3-year low due to a warm winter, excess inventory, and high production. European prices are back to pre-invasion levels.