2024-06-12
EBC Forex Snapshot, 12 Jun 2024
The dollar remained steady on Wednesday after hitting a four-week high overnight. Markets are pricing in a roughly 56% chance of a cut in September, according to the CME FedWatch tool.
Loonie edged higher but was trading not far off its weakest level in nearly two months, as oil prices ticked higher amid upbeat global demand views from the EIA and OPEC.
In China, the world's largest crude importer, consumer inflation held steady in May while producer price declines eased, indicating that Beijing will need to do more to bolster weak domestic demand.
| Citi (as of 3 Jun) | HSBC (as of 12 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0788 | 1.0895 | 1.0666 | 1.0863 |
| GBP/USD | 1.2300 | 1.2803 | 1.2672 | 1.2813 |
| USD/CHF | 0.8988 | 0.9158 | 0.8849 | 0.9129 |
| AUD/USD | 0.6563 | 0.6729 | 0.6557 | 0.6681 |
| USD/CAD | 1.3577 | 1.3846 | 1.3641 | 1.3832 |
| USD/JPY | 152.12 | 158.44 | 155.15 | 158.38 |
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.
