USD steadied ahead of US inflation data; potential impact on Fed policy. The futures market suggests a 64% chance of rate cuts in March.
EBC Forex Snapshot
10 Jan 2024
The dollar was steady on Wednesday ahead of US inflation data later this week that could influence the Fed's policy. Future market indicates a 64% probability of rate cuts in March.
The Australian dollar edged up despite cooling inflation. The headline consumer price index was 4.3%, the lowest level since Jan 2022. Economists had forecast the reading to be 4.4%.
New bank loans in China likely rose in Dec, bringing 2023 lending to a new record high, a Reuters poll showed. Analysts expect more easing early this year to support the fragile economy.
Citi (as of 2 Jan) | HSBC (as of 10 Jan) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0833 | 1.1150 | 1.0824 | 1.1088 |
GBP/USD | 1.2527 | 1.2848 | 1.2599 | 1.2819 |
USD/CHF | 0.8333 | 0.8667 | 0.8358 | 0.8659 |
AUD/USD | 0.6691 | 0.6900 | 0.6590 | 0.6822 |
USD/CAD | 1.3114 | 1.3387 | 1.3237 | 1.3477 |
USD/JPY | 139.48 | 144.94 | 141.15 | 146.89 |
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.
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Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.
2024-07-26The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.
2024-07-25The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.
2024-07-24