The US dollar dipped on Thursday as European currencies strengthened. US business activity slowed in April, signaling a global economic shift.
EBC Forex Snapshot, 25 Apr 2024
The US dollar was slightly lower on Thursday on strengthening European currencies. US business activity cooled in April to a four-month low due to weaker demand, signalling a global economic confluence.
The Canadian dollar rose along with oil prices. Standard Chartered estimates that global oil demand will pick strongly in May and June and the OPEC+ is unlikely to increase output in the near term.
Retail sales decreased 0.1% in February, led by a drop in sales at gasoline stations and fuel vendors. Money markets are betting that the BOC will begin easing ahead of the Fed.
Citi (as of 22 Apr) | HSBC (as of 25 Apr) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0600 | 1.0885 | 1.0569 | 1.0855 |
GBP/USD | 1.2337 | 1.2709 | 1.2268 | 1.2681 |
USD/CHF | 0.8999 | 0.9152 | 0.9046 | 0.9203 |
AUD/USD | 0.6339 | 0.6668 | 0.6357 | 0.6641 |
USD/CAD | 1.3478 | 1.3862 | 1.3543 | 1.3851 |
USD/JPY | 150.88 | 155.00 | 152.29 | 156.90 |
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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Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.
2024-07-26The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.
2024-07-25The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.
2024-07-24