2024-08-01
EBC Forex Snapshot, 1 Aug 2024
The US dollar on the defensive on Thursday after the Fed opened the door for an interest rate cut in September. Powell said a pivot could be on the table if disinflation continues as expected.
The yen was volatile, hitting its highest since mid-March. The Bank Of Japan raised interest rates again to levels not seen in 15 years and announced plans to halve its monthly government bond purchases.
The yen surged 7% in July, its strongest monthly performance since November 2022. CFTC data shows speculators' bearish bets against the yen are 40% below April's near-seven year high.
| Citi (as of 29 Jul) | HSBC (as of 1 Aug) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.0981 | 1.0764 | 1.0916 |
| GBP/USD | 1.2860 | 1.3045 | 1.2758 | 1.2999 |
| USD/CHF | 0.8743 | 0.9050 | 0.8705 | 0.8915 |
| AUD/USD | 0.6465 | 0.6799 | 0.6414 | 0.6730 |
| USD/CAD | 1.3590 | 1.3899 | 1.3656 | 1.3912 |
| USD/JPY | 151.53 | 155.00 | 146.51 | 156.45 |
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.
