The yen was trading around 155 on Wednesday

2024-05-08
Summary:

The dollar rose slightly on Wednesday after earlier Fed rate cut bets. The yen traded near 155 per dollar as traders anticipated market swings.

EBC Forex Snapshot, 8 May 2024


The dollar made modest gains on Wednesday after earlier losses from renewed bets on Fed rate cuts this year. The yen was trading around 155 per dollar as traders prepare for another round of whack-a-mole.


BOJ Kazuo Ueda said the central bank may take monetary policy action if yen declines affect prices significantly. Finance Minister Shunichi Suzuki warned that authorities were ready to respond to excessively volatile moves in the currency market.

USDJPY

However, analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the US and Japan remain.


 Citi (as of 6 May) HSBC (as of 8 May)

support resistance support resistance
EUR/USD 1.0601 1.0885 1.0637 1.0840
GBP/USD 1.2300 1.2709 1.2322 1.2659
USD/CHF 0.8999 0.9244 0.8983 0.9202
AUD/USD 0.6443 0.6668 0.6422 0.6709
USD/CAD 1.3478 1.3846 1.3619 1.3815
USD/JPY 151.86 157.68 151.02 159.20

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.

The Canadian dollar rebounded from an eight-week low

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Following strong economic news, the dollar was steady on Friday. US GDP grew at a 2.8% annual rate last quarter, beating expectations.

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Australian Dollar Falls 7% in Two Weeks

Australian Dollar Falls 7% in Two Weeks

The US dollar rose on Wednesday as traders awaited inflation data. June home sales fell more than expected, and median prices hit a record high.

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EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020. with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
Other Relevant Entities
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Disclaimer: EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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