Yen near four-month low against dollar

2024-03-20
Summary:

Wednesday: Yen near 4-month low vs. dollar, 16-year low vs. euro. Traders expect Japan to keep its accommodative monetary policy after the rate hike.

EBC Forex Snapshot, 20 Mar 2024


The yen languished near a four-month low against the dollar and a 16-year trough against the euro on Wednesday as traders wagered Japan's monetary settings will remain accommodative after a rate hike.


In the previous session, the currency weakened to 151.58 per dollar, with the multi-decade low of 151.94 in sight and the threat of intervention by Japanese authorities resurfacing.

USDJPY

The main spotlight for the day remains on the Fed that is expected to stand pat. Traders are pricing in a 59% chance of the Fed starting its easing cycle in June, the CME FedWatch tool showed.


 Citi (as of 18 Mar) HSBC (as of 20 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0779 1.0965
GBP/USD 1.2503 1.2896 1.2580 1.2876
USD/CHF 0.8741 0.9000 0.8772 0.8942
AUD/USD 0.6443 0.6691 0.6448 0.6639
USD/CAD 1.3359 1.3607 1.3449 1.3645
USD/JPY 146.26 149.21 147.77 152.64

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 yen dipped to its lowest level in nearly two months

The yen dipped to its lowest level in nearly two months

The dollar rallied on strong US jobs data and escalating Middle East conflict, while the yen fell to its lowest level in nearly two months.

2024-10-07
Eurozone Inflation Dropped to 1.8% Last Month

Eurozone Inflation Dropped to 1.8% Last Month

The dollar gained support Thursday as the Fed is not expected to cut interest rates soon, while the euro stayed near a three-week low.

2024-10-03
The Yen Stabilized Mid-Range Last Month

The Yen Stabilized Mid-Range Last Month

The US dollar rallied Tuesday as Fed Chair Powell rejected expectations for large rate cuts, while the yen steadied mid-range.

2024-10-01
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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
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website: www.ebcfin.co.uk
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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.
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