The dollar was steady on Wednesday

2024-01-10
Summary:

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%.

AUDUSD

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.

Citibank vs. HSBC Currency Pair Data Comparison

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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