Yen peaked vs. dollar Thursday


Yen hit one-month high vs. dollar Thursday; BOJ member Junko Nakagawa cited Japan's economy moving steadily to 2% inflation target.

EBC Forex Snapshot, 7 Mar 2024

The yen hit a one-month high against the dollar on Thursday after BOJ board member Junko Nakagawa said Japan's economy was moving steadily towards sustainably achieving the central bank's 2% inflation target.

Japan's real wages in January were down 0.6% from a year earlier, marking the 22nd straight month of decline, as salary gains continued to fall short of price rises, government data showed.


The dollar slipped after Powell said rate cuts will likely be appropriate later this year. Futures pricing currently point to a roughly 70% chance of policy pivot in June, according to the CME FedWatch tool.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 4 Mar) HSBC (as of 7 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0780 1.0965
GBP/USD 1.2476 1.2827 1.2598 1.2811
USD/CHF 0.8551 0.9013 0.8743 0.8894
AUD/USD 0.6443 0.6624 0.6494 0.6613
USD/CAD 1.3359 1.3606 1.3432 1.3599
USD/JPY 146.68 151.91 148.49 150.54

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.

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The euro's recent performance has been sluggish

The euro's recent performance has been sluggish

The dollar rose moderately on Friday as weaker-than-expected March US PPI did not relieve concerns that the Fed will delay loosening this year.

Yen near post-1990 lows

Yen near post-1990 lows

Thursday saw the dollar stay strong as inflation data dashed hopes for a Q2 rate cut. The yen neared its lowest since the '90s.

The US dollar consolidated on Wednesday

The US dollar consolidated on Wednesday

US dollar stabilized pre-key inflation report; Canadian dollar strengthened amid renewed Middle East uncertainties, halting oil price declines.