The yen hit its weakest level in three decades

2024-04-26
Summary:

The yen hit a 30-year low against the dollar after the BOJ kept rates steady. The dollar stayed stable despite weak US growth last quarter.

EBC Forex Snapshot, 26 Apr 2024


The yen hit its weakest level in three decades against the dollar after the BOJ held interest rates steady on Friday. The dollar steadied though US economic growth disappointed in the last quarter.


The central bank did not provide a clear guidance on the future rate hike path. In its quarterly outlook report, core consumer inflation is expected to hit 2.8% in the year that began in April.

USDJPY

Finance Minister Shunichi Suzuki again threatened to intervene in the market. Still, traders figure there is not much Tokyo can do to reverse the yen's slide as interest rates will unlikely rise soon.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 22 Apr) HSBC (as of 26 Apr)

support resistance support resistance
EUR/USD 1.0600 1.0885 1.0590 1.0876
GBP/USD 1.2337 1.2709 1.2303 1.2716
USD/CHF 0.8999 0.9152 0.9032 0.9182
AUD/USD 0.6339 0.6668 0.6357 0.6641
USD/CAD 1.3478 1.3862 1.3518 1.3819
USD/JPY 150.88 155.00 152.89 157.08

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.


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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