The yen got a Thursday reprieve - EBC Daily Snapshot

2023-10-05

Summary:

The yen found relief on Thursday after hitting its lowest since Oct 2022 earlier this week, rallying above 150.

EBC Forex Snapshot

5 Oct 2023

The yen received some reprieve on Thursday after hitting its low since Oct 2022 earlier this week. The currency saw an immediate rally following a break above the 150 level.

Finance Minister Shunichi Suzuki on Wednesday declined to comment on whether Tokyo had stepped in, and reiterated that currency rates must move stably reflecting fundamentals.

The US dollar came off its nearly 11-month high after mixed economic data made investors trim bets on the Fed’s another interest rate hike this year.

USDJPY

In a Reuters poll, the median view among 20 analysts is that the euro will touch as low as 1.04 against the dollar, with only one respondent saying the currency would touch parity.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 3 Oct)		HSBC (as of 5 Oct)
	support	resistance	support	resistance
EUR/USD	1.0477	1.0834	1.0388	1.0677
GBP/USD	1.2011	1.2308	1.1967	1.2356
USD/CHF	0.8745	0.9338	0.8985	0.9299
AUD/USD	0.6300	0.6522	0.6234	0.6462
USD/CAD	1.3302	1.3695	1.3488	1.3889
USD/JPY	144.54	150.15	147.57	150.42

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.

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.

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