The dollar ticked up slightly on Wednesday

2023-12-13
Summary:

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.

GBPUSD

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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