The yen firmed against the dollar on Monday
2024-03-11
Summary:
Yen strengthened vs. dollar on BOJ's potential exit from negative rates next week, contrasting Fed's expected June rate cut.
EBC Forex Snapshot, 11 Mar 2024
The yen firmed against the dollar on Monday as signs the BOJ will exit negative interest rates at its policy meeting next week contrasted with expectations that the Fed will cut rates in June.
A growing number of BOJ policymakers are warming to the idea of ending negative rates at their March meeting, sources told Reuters. Jiji news agency also reported the central bank is considering to replace YCC.
US job growth accelerated and topped expectations in February, but that likely masks underlying softening labour market conditions as the unemployment rate increased to a two-year high of 3.9%.
| Citi (as of 4 Mar) | HSBC (as of 11 Mar) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0695 | 1.1017 | 1.0819 | 1.1014 |
| GBP/USD | 1.2476 | 1.2827 | 1.2648 | 1.2891 |
| USD/CHF | 0.8551 | 0.9013 | 0.8713 | 0.8864 |
| AUD/USD | 0.6443 | 0.6624 | 0.6518 | 0.6671 |
| USD/CAD | 1.3359 | 1.3606 | 1.3395 | 1.3562 |
| USD/JPY | 146.68 | 151.91 | 146.75 | 150.08 |
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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The yen was trading around 156 on Monday
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