Safe havens lifted USD and JPY - EBC Daily Snapshot

2023-10-09

Summary:

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.

US dollar and Japanese yen higher

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.

USDJPY

Japan will unlikely seek an intervention as recent falls reflect economic fundamentals, former top currency diplomat Naoyuki Shinohara said.

Citibank vs. HSBC Currency Pair Data Comparison
	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.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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