US dollar steady post data indicating persistent yet gradual inflation easing. Canadian dollar strengthens on upbeat GDP report.
EBC Forex Snapshot, 1 Mar 2024
The US dollar was steady on Friday after data showed US inflation remained sticky but easing gradually. The Canadian dollar strengthened as investors cheered the country’s latest GDP report.
The Canadian economy expanded at an annualized rate of 1.0% in the fourth quarter, higher than median forecast for a 0.8% growth. Still it showed that the US continued to outperform its northern neighbour.
The BOC is expected to cut interest rates in June, the first among major central banks to do so, according to a Reuters poll. The risk is that home prices are set to rise over the coming years due to constrained housing supply.
Citi (as of 19 Feb) | HSBC (as of 1 Mar) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0694 | 1.1017 | 1.0701 | 1.0896 |
GBP/USD | 1.2476 | 1.2827 | 1.2534 | 1.2711 |
USD/CHF | 0.8551 | 0.9013 | 0.8750 | 0.8911 |
AUD/USD | 0.6443 | 0.6624 | 0.6426 | 0.6580 |
USD/CAD | 1.3379 | 1.3586 | 1.3466 | 1.3644 |
USD/JPY | 146.09 | 151.91 | 148.97 | 150.94 |
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