Dollar Hits Eight-Week High

2024-06-21
Summary:

The dollar rose to an eight-week high above 159 yen on Friday as the Fed's patient rate-cut stance contrasted with more dovish global positions.

EBC Forex Snapshot, 21 Jun 2024


The dollar pushed to a fresh eight-week top above 159 yen on Friday, with the Fed's patient approach to cutting interest rates contrasting with more dovish stances elsewhere.


The US Treasury Department added Japan to its "monitoring list" for foreign-exchange practices, but stopped short of labelling it or any other trade partner as a currency manipulator.

USDJPY

Even so, Japan's top currency diplomat Masato Kanda stressed that Tokyo stands ready to take further "resolute" action against "speculative, excessive volatility".

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 17 Jun) HSBC (as of 21 Jun)

support resistance support resistance
EUR/USD 1.0688 1.0981 1.0606 1.0855
GBP/USD 1.2612 1.286 1.2584 1.2793
USD/CHF 0.8885 0.9158 0.8812 0.9023
AUD/USD 0.6564 0.6729 0.6584 0.6714
USD/CAD 1.3577 1.3846 1.3594 1.3785
USD/JPY 151.86 158.26 155.91 160.50

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.


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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