2024-03-22
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.
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.
| 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.
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