The USD weakened on Monday - EBC Daily Snapshot

2023-10-16
Summary:

The US dollar edged lower on Monday but remained near a one-week high with fragile sentiment against a backdrop of conflict in the Middle East.

EBC Forex Snapshot


16 Oct 2023


The US dollar edged lower on Monday but remained near a one-week high with fragile sentiment against a backdrop of conflict in the Middle East. Joe Biden has warned Israel it would be a "big mistake" to occupy Gaza.


Secretary of State Antony Blinken arrived in Israel on Thursday and has also been to Qatar, Jordan, Bahrain, United Arab Emirates, Saudi Arabia and Egypt in a bid to limit the spread of the conflict.

USDJPY

Carry trades funded by the yen could be the biggest casualty of the Israel's aggression, analysts said, as global investors who have been shorting the yen to invest in higher-yielding currencies now have to buy it back as a safe-haven.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 9 Oct) HSBC (as of 13 Oct)

support resistance support resistance
EUR/USD 1.0443 1.0834 1.0430 1.0638
GBP/USD 1.2011 1.2308 1.2026 1.2328
USD/CHF 0.8745 0.9338 0.8963 0.9222
AUD/USD 0.6272 0.6522 0.6231 0.6449
USD/CAD 1.3417 1.3805 1.3474 1.3844
USD/JPY 146.00 150.16 147.06 150.85

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.


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