2024-07-29
EBC Forex Snapshot, 29 Jul 2024
The dollar inched higher on Monday as traders look ahead to Fed's policy decision for further interest rate direction. The Fed is seen to stick with its wait-and-see approach before September.
The yen steadied but sentiment remained fragile. Speculation has grown that the Bank Of Japan will raise interest rates on Wednesday at the same time as significantly reducing its monthly bond purchases.
Data released on Friday showed investors have sharply cut back on their bets against the yen. But if the BOJ underwhelms the market, carry trades "may come back with a vengeance."
| Citi (as of 22 Jul) | HSBC (as of 29 Jul) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.0981 | 1.0792 | 1.0935 |
| GBP/USD | 1.2860 | 1.3045 | 1.2750 | 1.3019 |
| USD/CHF | 0.8820 | 0.9158 | 0.8741 | 0.8966 |
| AUD/USD | 0.6663 | 0.6871 | 0.6441 | 0.6727 |
| USD/CAD | 1.3589 | 1.3846 | 1.3663 | 1.3925 |
| USD/JPY | 155.07 | 160.21 | 149.83 | 159.72 |
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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