Euro in twelfth week of declines - EBC Daily Snapshot

2023-10-06
Summary:

The euro was set for a twelfth week of declines against the dollar ahead of key US job report. That will mark the longest losing streak on record.

EBC Forex Snapshot


6 Oct 2023


The euro was set for a twelfth week of declines against the dollar ahead of key US job report. That will mark the longest losing streak on record.


The pair has been largely driven by the dollar’s strength due to a rapid selloff in Treasuries and the Fed’s hawkish stance. Meanwhile sterling rallied slightly after hitting its six-month low.

USDCHF

The Swiss franc was on track to finish the week stronger against the greenback – the only one among G10 currency.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 3 Oct) HSBC (as of 5 Oct)

support resistance support resistance
EUR/USD 1.0477 1.0834 1.0388 1.0677
GBP/USD 1.2011 1.2308 1.1967 1.2356
USD/CHF 0.8745 0.9338 0.8985 0.9299
AUD/USD 0.6300 0.6522 0.6234 0.6462
USD/CAD 1.3302 1.3695 1.3488 1.3889
USD/JPY 144.54 150.15 147.57 150.42

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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The dollar scaled a two-week peak on Thursday

The dollar scaled a two-week peak on Thursday

On Thursday, the dollar surged to a two-week high due to strong economic data and weak Treasury auctions, signaling market ripples.

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The Australian Dollar was Unaffected on Wednesday

The Australian Dollar was Unaffected on Wednesday

Wednesday saw the dollar rise as the Fed might delay rate cuts. The Aussie dollar stayed flat after strong inflation data.

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Eurozone Inflation Rises on Tuesday

Eurozone Inflation Rises on Tuesday

Tuesday saw the dollar weaken slightly amid a rising risk appetite, holding steady in Asia with minimal currency movement.

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