Yen stabilizes after losses on Wednesday

2024-03-13
Summary:

The US dollar steadies as inflation surpasses expectations, prompting doubts about the Fed's ability to justify multiple rate cuts this year.

EBC Forex Snapshot, 13 Mar 2024


The US dollar held steady against its major peers on Wednesday, as hotter-than-expected inflation left analysts wondering whether the Fed will have sufficient data to justify more than a couple of rate cuts all year.


The yen firmed following its biggest loss in a month. The BOJ governor Kazuo Ueda said on Tuesday that the economy was recovering but also showing some signs of weakness.

USDJPY

Expectations are for bumper pay raises, with a number of Japan's biggest companies already saying they had agreed to fully meet union demands for pay increases at annual wage negotiations.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 4 Mar) HSBC (as of 13 Mar)

support resistance support resistance
EUR/USD 1.0695 1.1017 1.0819 1.1005
GBP/USD 1.2476 1.2827 1.2628 1.2924
USD/CHF 0.8551 0.9013 0.8701 0.8865
AUD/USD 0.6443 0.6624 0.6498 0.6689
USD/CAD 1.3359 1.3606 1.3402 1.3590
USD/JPY 146.68 151.91 145.82 150.19

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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