The dollar ticked up slightly on Wednesday


The dollar rose ahead of the final Fed meeting this year. The unexpected US consumer price increase in November tempered expectations.

EBC Forex Snapshot

13 Dec 2023

The dollar ticked up slightly on Wednesday as traders braced for the last Fed meeting this year. US consumer prices unexpectedly rising in November, watering down rate cut expectations.

The pound fell after data showed the UK economy shrank 0.3% in October. The services sector shrank for the first time since July as PM Sunak grappled with below-trend growth.


So far this year, the pound has risen by roughly 4% against the dollar, its best performance since 2019. The BOE is expected to lag behind its peers in cutting rates given stickier inflation.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 1 Dec) HSBC (as of 13 Dec)

support resistance support resistance
EUR/USD 1.0852 1.1020 1.0670 1.0965
GBP/USD 1.2347 1.2746 1.2453 1.2701
USD/CHF 0.8684 0.8957 0.8658 0.8851
AUD/USD 0.6522 0.6750 0.6491 0.6658
USD/CAD 1.3417 1.3695 1.3473 1.3707
USD/JPY 146.70 151.91 141.52 149.53

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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Currency pressures persist on Thursday

Currency pressures persist on Thursday

On Thursday, the dollar weakened while pressures on other currencies persisted. Strong data dampened expectations of Fed rate cuts in June.

Pound rises from fall to rise

Pound rises from fall to rise

Fed Chair Powell's comments on Wednesday drove a modest dollar gain, citing limited progress on inflation goals. Traders predict a 40-bps cut by 2024.

The dollar rose to a five-month high on Tuesday

The dollar rose to a five-month high on Tuesday

The dollar hit a 5-month high on Tuesday as US retail sales surged 0.7% in March, beating economists' 0.4% forecast.