Published on: 2024-06-06 Updated on: 2024-06-07
EBC Forex Snapshot, 6 Jun 2024
The dollar eased on renewed bets of a Fed easing cycle expected this year on Thursday. Markets have priced in nearly 50 bps rate cuts this year, with the first expected to come in September.
Data showed the US services sector switched back into growth mode in May after a short-lived contraction the month before, though details of the survey pointed to employment remaining in contraction territory.
The yen edged down as the Bank of Japan turned more hawkish. Governor Kazuo Ueda said it would be appropriate to reduce the central bank's bond buying as it moves toward exiting its massive monetary stimulus.
| Citi (as of 3 Jun) | HSBC (as of 6 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0788 | 1.0895 | 1.0798 | 1.0927 |
| GBP/USD | 1.2300 | 1.2803 | 1.2679 | 1.2854 |
| USD/CHF | 0.8988 | 0.9158 | 0.8824 | 0.9101 |
| AUD/USD | 0.6563 | 0.6729 | 0.6587 | 0.6708 |
| USD/CAD | 1.3577 | 1.3846 | 1.3609 | 1.3759 |
| USD/JPY | 152.12 | 158.44 | 154.50 | 157.73 |
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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