The euro firmed on Tuesday

2024-04-23
Summary:

The euro rose on Tuesday but faced its biggest monthly drop since January. Eurozone business surged in April with strong service sector growth.

EBC Forex Snapshot, 23 Apr 2024


The euro firmed on Tuesday but was on track for its biggest monthly drop since January. Business activity in the eurozone picked up strongly in April thanks to robust growth in the service sector.


The HCOB Flash Eurozone Composite PMI rose to 54.1, the highest in 11 months. Expectations remain for the ECB to start cutting by mid-year, putting the single currency on the back foot against the US dollar.

EURUSD

Markets are pricing in a 46% chance of the Fed's first rate cut starting in September, with November not far behind at 42%, according to the CME FedWatch Tool.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 15 Apr) HSBC (as of 22 Apr)

support resistance support resistance
EUR/USD 1.0517 1.0865 1.0540 1.0826
GBP/USD 1.2337 1.2709 1.2253 1.2599
USD/CHF 0.8999 0.9148 0.9014 0.9169
AUD/USD 0.6443 0.6668 0.6303 0.6587
USD/CAD 1.3478 1.3855 1.3537 1.3908
USD/JPY 150.88 153.39 152.03 156.01

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.

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