The Japanese Yen fell after Monday's intervention

2024-05-06
Summary:

The dollar was steady Monday as weak US jobs data raised the odds of Fed rate cuts. The Yen dropped after suspected intervention last week.

EBC Forex Snapshot, 6 May 2024


The dollar was broadly steady on Monday as a soft US jobs report boosted wagers that the Fed may still cut rates this year, while the Yen lurched lower after last week's suspected intervention.


Data on Friday showed job growth slowed more than expected in April and the increase in annual wages fell below 4% for the first time in nearly three years. A rate cut in November are fully priced in now.

USDJPY

The Yen's rally was linear in a market decidedly bearish on the currency, given the massive gap between its yields and those in other major economies. It has swung wildly recently, suggesting a bumpy road ahead.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 29 Apr) HSBC (as of 3 May)

support resistance support resistance
EUR/USD 1.0601 1.0885 1.0632 1.0785
GBP/USD 1.2289 1.2524 1.2362 1.2635
USD/CHF 0.8999 0.9157 0.9002 0.9216
AUD/USD 0.6362 0.6668 0.6420 0.6646
USD/CAD 1.3478 1.3846 1.3585 1.3802
USD/JPY 155.00 160.20 150.98 158.15

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 Dollar Gained Further in Asian Trading Monday

The Dollar Gained Further in Asian Trading Monday

The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.

2024-10-14
Euro Stabilizes After Rebounding from 2-Month Low

Euro Stabilizes After Rebounding from 2-Month Low

The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.

2024-10-11
Australian Dollar Rebounds from Mid-September Lows

Australian Dollar Rebounds from Mid-September Lows

The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.

2024-10-10
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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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