The US dollar was slightly lower on Thursday

2024-04-25
Summary:

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.

USDCAD

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.

Citibank vs. HSBC Currency Pair Data Comparison

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.


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.

The yen fell to an over one-month low on Friday

The yen fell to an over one-month low on Friday

The yen hit a 1-month low Friday as the BOJ held rates and announced future bond buying cuts, contrary to market expectations for this month.

2024-06-14
Major currencies rose against the dollar on Thursday

Major currencies rose against the dollar on Thursday

Major currencies held gains as a weaker dollar followed softer-than-expected US inflation. Markets still expect two 25 bps cuts this year.

2024-06-13
The Dollar Remained Steady on Wednesday.

The Dollar Remained Steady on Wednesday.

The dollar steadied on Wednesday after a four-week high. Markets see a 56% chance of a September rate cut, per the CME FedWatch tool.

2024-06-12