The dollar tracked toward monthly gains on Thursday

2024-02-29
Summary:

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

EBC Forex Snapshot, 29 Feb 2024


The dollar tracked toward monthly gains on Thursday ahead of highly-anticipated inflation data, while the Swiss franc is very likely the worst performing G10 currencies this month.


Inflation cooling to the weakest pace in more than two years in January has eliminated the need for the SNB to prop up the currency. The central bank is expected to cut interest rates from June.

USDCHF

The yen also struggled as investors have sought out higher return elsewhere. BOJ’s board member Hajime Takata said the central bank must consider overhauling its ultra-loose monetary policy.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 19 Feb) HSBC (as of 29 Feb)

support resistance support resistance
EUR/USD 1.0694 1.1017 1.0723 1.0918
GBP/USD 1.2476 1.2827 1.2559 1.2736
USD/CHF 0.8551 0.9013 0.8712 0.8873
AUD/USD 0.6443 0.6624 0.6426 0.6580
USD/CAD 1.3379 1.3586 1.3456 1.3650
USD/JPY 146.09 151.91 149.43 151.40

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.

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