2024-08-08
EBC Forex Snapshot, 8 Aug 2024
The dollar eased on Thursday on fading carry trades. JP Morgan Chase CEO Jamie Dimon said he still believes that the odds of a "soft landing" for the US economy are around 35% to 40%.
Traders expect the Fed to cut rates by 50 bps at its next meeting in September as the economy slows, but they are also pricing in a 26.5% chance of a smaller 25 bps reduction, according to the CME Group's FedWatch Tool.
The euro was hovering close to the one-month low it touched on Tuesday. Retail sales unexpectedly fell in June in the eurozone as a consumption-led recovery continued to prove elusive.
| Citi (as of 5 Aug) | HSBC (as of 8 Aug) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.0948 | 1.0795 | 1.1028 |
| GBP/USD | 1.2613 | 1.2894 | 1.2589 | 1.2873 |
| USD/CHF | 0.8551 | 0.8827 | 0.8390 | 0.8883 |
| AUD/USD | 0.6466 | 0.6653 | 0.6339 | 0.6702 |
| USD/CAD | 1.3590 | 1.3899 | 1.3656 | 1.3903 |
| USD/JPY | 145.37 | 150.00 | 139.61 | 155.81 |
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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