The dollar was range-bound on Tuesday

2024-01-30
Summary:

The dollar was range-bound on Tuesday, as traders awaited the Fed's monetary policy decision this week for clues on possible rate cuts.

EBC Forex Snapshot


30 Jan 2024


The dollar was range-bound on Tuesday, as traders awaited the Fed's monetary policy decision this week for clues on possible rate cuts.


Markets are currently pricing in a 46.6% chance of cuts in March, dropping from 73.4% a month ago, according to the CME Group's FedWatch Tool.

USDJPY

The dollar lost some ground against the yen. Japan's jobless rate fell to 2.4% in December, under economists' median forecast of 2.5% in a Reuters poll.

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.


The labour ministry said the ratio of effective job openings to jobseekers last year stood at 1.31 amid higher demand in the hospitality sector.

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