The Aussie dollar is struggling - EBC Daily Snapshot
2023-11-01
Summary:
The battered yen gets respite; Japan hints at intervention. The focus shifts to the Fed meeting after the BOJ's underwhelming decision.
EBC Forex Snapshot
1 Nov 2023
The battered yen found a reprieve on Wednesday on renewed threats of intervention from Japan. The focus will be on the Fed’s meeting later in the day after the BOJ’s latest decision fell short.
Other currency moves were mostly modest in thin trading. Factory activity in China, Japan and South Korea showed activity all shrank last month, which bodes ill for the Australian dollar.
Aussie has been the second worst performing major currency this year, just behind the yen. The RBA opted to pause for the fourth straight month in Oct despite still-high inflation.
| Citi (as of 24 Oct) | HSBC (as of 1 Nov) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0448 | 1.0737 | 1.0482 | 1.0681 |
| GBP/USD | 1.2011 | 1.2387 | 1.2036 | 1.2299 |
| USD/CHF | 0.8745 | 0.9338 | 0.8958 | 0.9179 |
| AUD/USD | 0.6286 | 0.6604 | 0.6259 | 0.6421 |
| USD/CAD | 1.3381 | 1.3786 | 1.3669 | 1.3985 |
| USD/JPY | 146.00 | 150.16 | 149.73 | 152.68 |
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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