2024-03-05
EBC Forex Snapshot, 5 Mar 2024
The US dollar moved sideways on Tuesday as traders shied away from big directional bets ahead of market-moving economic data. The canadian dollar slipped as oil prices lost steam.
China's National People's Congress sets an ambitious economic growth target of 5% and a budget deficit of 3%. Still that falls short of big stimulus measures markets deemed necessary and hence energy demand woes.
money markets expect the BOC to leave its benchmark rate on hold at 5% on Wednesday but to then begin an easing cycle in April or June as the domestic economy slows and inflation cools.
| Citi (as of 26 Feb) | HSBC (as of 5 Mar) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0694 | 1.1017 | 1.0724 | 1.0919 |
| GBP/USD | 1.2476 | 1.2827 | 1.2552 | 1.2729 |
| USD/CHF | 0.8551 | 0.9013 | 0.8752 | 0.8903 |
| AUD/USD | 0.6443 | 0.6624 | 0.6444 | 0.6598 |
| USD/CAD | 1.3379 | 1.3586 | 1.3461 | 1.3629 |
| USD/JPY | 146.09 | 151.91 | 149.24 | 150.93 |
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.
