Thursday saw the dollar near a three-month low


Thursday saw the dollar near a 3-month low, poised for its largest monthly drop in a year. Investors bet the Fed won't raise rates further.

EBC Forex Snapshot

30 Nov 2023

The dollar was stuck near a three-month low on Thursday and was set to post its biggest monthly decline in a year as investors ramped up bets that the Fed is done with rate hikes.


US GDP increased at a 5.2% annualised rate last quarter, revised up from the previously reported 4.9% pace. That was the fastest pace expansion since the fourth quarter of 2021.


The yen traded around a 2.5-month high against the dollar. Japan board member Toyoaki Nakamura said on Thursday the central bank will likely need some more time before phasing out its massive stimulus.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 20 Nov) HSBC (as of 30 Nov)

support resistance support resistance
EUR/USD 1.0517 1.0945 1.0742 1.1105
GBP/USD 1.2037 1.2525 1.2341 1.2890
USD/CHF 0.8745 0.9338 0.8621 0.8955
AUD/USD 0.6340 0.6520 0.6411 0.6750
USD/CAD 1.3640 1.3899 1.3467 1.3782
USD/JPY 149.21 151.91 145.29 150.56

The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains unchanged.

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Currency pressures persist on Thursday

Currency pressures persist on Thursday

On Thursday, the dollar weakened while pressures on other currencies persisted. Strong data dampened expectations of Fed rate cuts in June.

Pound rises from fall to rise

Pound rises from fall to rise

Fed Chair Powell's comments on Wednesday drove a modest dollar gain, citing limited progress on inflation goals. Traders predict a 40-bps cut by 2024.

The dollar rose to a five-month high on Tuesday

The dollar rose to a five-month high on Tuesday

The dollar hit a 5-month high on Tuesday as US retail sales surged 0.7% in March, beating economists' 0.4% forecast.