The yen fell broadly on Tuesday

2024-01-23
Summary:

BOJ's expected ultra-easy policy keeps yen falling. Governor Ueda finds quantifying proximity to the 2% inflation target challenging.

EBC Forex Snapshot


23 Jan 2024


The yen fell broadly on Tuesday after the BOJ maintained its ultra-easy monetary settings as expected. Governor Kazuo Ueda said “it's hard to quantify how close” trend inflation was to the 2% target.


In a quarterly report on the outlook, the central bank cut its core consumer inflation forecast for the fiscal year beginning in Apr to 2.4% from 2.8% projected earlier.

AUDUSD

China is weighing a massive rescue package to stabilise the local stock market, according to Bloomberg, pushing the Australian dollar higher. The PBOC has left the medium-term policy rate and LPR unchanged in Jan.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 15 Jan) HSBC (as of 23 Jan)

support resistance support resistance
EUR/USD 1.0848 1.1139 1.0817 1.0972
GBP/USD 1.2536 1.2848 1.2604 1.2796
USD/CHF 0.8333 0.8667 0.8527 0.8778
AUD/USD 0.6612 0.6900 0.6472 0.6719
USD/CAD 1.3093 1.3177 1.3328 1.3584
USD/JPY 140.59 146.49 143.69 150.64

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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