The dollar was set for a second week of gains

2024-03-22
Summary:

The dollar is poised for a second week of gains as BOJ's rate hike fails to impress. The Swiss franc hits a 4-month low after a surprise SNB rate cut.

EBC Forex Snapshot, 22 Mar 2024


The dollar was set for a second week of gains on Friday as the BOJ’s first rate hike within years did not impress. The Swiss franc dropped to its weakest in four months following a surprise rate cut by the SNB.


Markets are racing ahead to bet on big central banks lowering borrowing costs after the SNB’s bold move, but analysts cautioned that policymakers elsewhere may not find it easy.

USDCHF

money markets moved to price a 90% chance of an ECB rate cut by June from less than an 80% chance late on Wednesday. The Flash Eurozone Composite PMI Index rose to 49.9 in March, the best reading since June.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 18 Mar) HSBC (as of 22 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0802 1.0949
GBP/USD 1.2503 1.2896 1.2570 1.2817
USD/CHF 0.8741 0.9000 0.8804 0.9069
AUD/USD 0.6443 0.6691 0.6474 0.6665
USD/CAD 1.3359 1.3607 1.3426 1.3622
USD/JPY 146.26 149.21 148.10 153.48

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.

The Dollar Gained Further in Asian Trading Monday

The Dollar Gained Further in Asian Trading Monday

The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.

2024-10-14
Euro Stabilizes After Rebounding from 2-Month Low

Euro Stabilizes After Rebounding from 2-Month Low

The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.

2024-10-11
Australian Dollar Rebounds from Mid-September Lows

Australian Dollar Rebounds from Mid-September Lows

The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.

2024-10-10
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
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