The US dollar was largely steady on Wednesday

2024-03-06
Summary:

US dollar steady Wed before Fed Chair Powell's congressional testimony. Expected to emphasize waiting for more data before rate cuts.

EBC Forex Snapshot, 6 Mar 2024


The US dollar was largely steady on Wednesday ahead of congressional testimony from Fed Chair Jerome Powell. He is expected to reinforce the Fed will wait for more data before making any rate cuts.


The Australian dollar recovered in the Asian afternoon, brushing off GDP data that showed the economy grew a mere 0.2% in Q4. The growth has slowed for the past five quarters.

AUDUSD

China’s imports of iron ore were 215.5 million tons for the January-February period, 4.6% higher than the same months a year earlier, according to Kpler data. The country vows more support for its property market.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 4 Mar) HSBC (as of 6 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0756 1.0921
GBP/USD 1.2476 1.2827 1.2583 1.2778
USD/CHF 0.8551 0.9013 0.8751 0.8902
AUD/USD 0.6443 0.6624 0.6454 0.6574
USD/CAD 1.3359 1.3606 1.3483 1.3650
USD/JPY 146.68 151.91 149.21 150.86

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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The euro's recent performance has been sluggish

The euro's recent performance has been sluggish

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The US dollar consolidated on Wednesday

The US dollar consolidated on Wednesday

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