The yen firmed against the dollar on Monday

2024-03-11
Summary:

Yen strengthened vs. dollar on BOJ's potential exit from negative rates next week, contrasting Fed's expected June rate cut.

EBC Forex Snapshot, 11 Mar 2024


The yen firmed against the dollar on Monday as signs the BOJ will exit negative interest rates at its policy meeting next week contrasted with expectations that the Fed will cut rates in June.


A growing number of BOJ policymakers are warming to the idea of ending negative rates at their March meeting, sources told Reuters. Jiji news agency also reported the central bank is considering to replace YCC.

USDJPY

US job growth accelerated and topped expectations in February, but that likely masks underlying softening labour market conditions as the unemployment rate increased to a two-year high of 3.9%.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 4 Mar) HSBC (as of 11 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0819 1.1014
GBP/USD 1.2476 1.2827 1.2648 1.2891
USD/CHF 0.8551 0.9013 0.8713 0.8864
AUD/USD 0.6443 0.6624 0.6518 0.6671
USD/CAD 1.3359 1.3606 1.3395 1.3562
USD/JPY 146.68 151.91 146.75 150.08

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.


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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