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.
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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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