2024-07-01
EBC Forex Snapshot, 1 Jul 2024
The euro jumped on Monday after a convincing win by the French far right in the first round of parliamentary elections fell short of some expectations, leaving the final result dependent on party deals before next weekend.
The RN could come to power through "cohabitation" with Macron and push a high-spending and euro-sceptic agenda though European financial markets breathed a sigh of relief for now.
The rise in the euro sent the dollar a touch lower after data showing US inflation cooled in May. Market pricing now points to about a 63% chance of a Fed cut in September, according to the CME FedWatch tool.
| Citi (as of 24 Jun) | HSBC (as of 28 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0668 | 1.0916 | 1.0627 | 1.0815 |
| GBP/USD | 1.2619 | 1.2860 | 1.2545 | 1.2795 |
| USD/CHF | 0.8827 | 0.9158 | 0.8875 | 0.9044 |
| AUD/USD | 0.6564 | 0.6729 | 0.6578 | 0.6708 |
| USD/CAD | 1.3577 | 1.3846 | 1.3621 | 1.3786 |
| USD/JPY | 153.60 | 160.00 | 157.35 | 162.50 |
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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