The dollar was tentative on Tuesday

2024-04-09
Summary:

Tuesday: The dollar is hesitant; investors digest US payroll. Yen near 34-year lows; market wary of Japanese intervention.

EBC Forex Snapshot, 9 Apr 2024


The dollar was tentative on Tuesday as investors digested US payroll data. The yen dipped to near 34-year lows, with the market on alert for any potential action from Japanese authorities to support the currency.


Treasury yields have climbed as traders pare back bets on the pace and scale of Fed rate cuts expected later this year, with the two-year yield hitting a more than four-month high of 4.8010%.

USDJPY

BOJ Governor Kazuo Ueda said the central bank must consider whittling down stimulus further if inflation continues to accelerate, signalling the chance of another rate hike later this year in line with market bets.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 25 Mar) HSBC (as of 8 Apr)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0725 1.0944
GBP/USD 1.2503 1.2896 1.2514 1.2781
USD/CHF 0.8741 0.9112 0.8869 0.9127
AUD/USD 0.6443 0.6691 0.6493 0.6648
USD/CAD 1.3359 1.3607 1.3478 1.3672
USD/JPY 146.66 151.91 149.76 152.71

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.

The yen fell to an over one-month low on Friday

The yen fell to an over one-month low on Friday

The yen hit a 1-month low Friday as the BOJ held rates and announced future bond buying cuts, contrary to market expectations for this month.

2024-06-14
Major currencies rose against the dollar on Thursday

Major currencies rose against the dollar on Thursday

Major currencies held gains as a weaker dollar followed softer-than-expected US inflation. Markets still expect two 25 bps cuts this year.

2024-06-13
The Dollar Remained Steady on Wednesday.

The Dollar Remained Steady on Wednesday.

The dollar steadied on Wednesday after a four-week high. Markets see a 56% chance of a September rate cut, per the CME FedWatch tool.

2024-06-12