Published on: 2024-02-20
EBC Forex Snapshot
20 Feb 2024
The US dollar rose broadly on Tuesday on mounting expectations of higher-for-longer interest rates in the US. The australian dollar dropped despite China’s latest decision to lower LPRs.
The RBA stood pat on its first meeting of the year on cooling inflation, weaker-than-expected jobs and consumer spending reports while signalling further tightening is still possible, minutes of the meeting showed.
The country’s benchmark rate is lower than many other developed nations where inflation are more tamed. Its 425 bps of hikes in the current tightening cycle trail both the US and New Zealand’s 525 bps.
| Citi (as of 5 Feb) | HSBC (as of 20 Feb) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0724 | 1.1139 | 1.0681 | 1.0885 |
| GBP/USD | 1.2487 | 1.2827 | 1.2481 | 1.2738 |
| USD/CHF | 0.8333 | 0.8728 | 0.8620 | 0.8954 |
| AUD/USD | 0.6500 | 0.6900 | 0.6449 | 0.6618 |
| USD/CAD | 1.3379 | 1.3552 | 1.3372 | 1.3595 |
| USD/JPY | 146.09 | 148.80 | 147.03 | 152.03 |
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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