Thursday saw the dollar near a three-month low

2023-11-30
Summary:

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

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.

USDJPY

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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