Safe-haven demand lifted the USD and JPY on Mon due to Israel-Gaza war escalation. Fragile risk sentiment amid increasing global violence.
EBC Forex Snapshot
9 Oct 2023
Safe haven demand pushed the US dollar and Japanese yen higher on Monday as Israel-Gaza conflict erupts into war. Risk sentiment was fragile amid rising global bloodshed.
Market pricing shows a roughly 78% chance that the Fed will keep rates on hold at its Nov’s policy meeting after a strong job report.
Japan will unlikely seek an intervention as recent falls reflect economic fundamentals, former top currency diplomat Naoyuki Shinohara said.
Citi (as of 3 Oct) | HSBC (as of 9 Oct) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0477 | 1.0834 | 1.0443 | 1.0732 |
GBP/USD | 1.2011 | 1.2308 | 1.2042 | 1.2428 |
USD/CHF | 0.8745 | 0.9338 | 0.8938 | 0.9252 |
AUD/USD | 0.6300 | 0.6522 | 0.6274 | 0.6502 |
USD/CAD | 1.3302 | 1.3695 | 1.3441 | 1.3833 |
USD/JPY | 144.54 | 150.15 | 147.70 | 150.55 |
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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Friday: dollar down, euro up. US spending rose moderately in October, with the smallest annual inflation increase in over 2.5 years.
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