Yen struggled vs. dollar - EBC Daily Snapshot
2023-10-31
Summary:
The yen weakened on Tuesday and languished near a one-year low against the dollar, after the BOJ edged towards ending years of massive monetary stimulus.
EBC Forex Snapshot
31 Oct 2023
The yen weakened on Tuesday and languished near a one-year low against the dollar, after the BOJ edged towards ending years of massive monetary stimulus.
Investors were clearly not impressed as they had expected a bigger move. A tweak had been priced in following a Nikkei report that said the BOJ could adjust its YCC.
The euro looked set to reverse two straight months of losses as the Germany economy shrank in the third quarter and China manufacturing activity contracted in October.
| Citi (as of 24 Oct) | HSBC (as of 31 Oct) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0448 | 1.0737 | 1.0507 | 1.0706 |
| GBP/USD | 1.2011 | 1.2387 | 1.2045 | 1.2314 |
| USD/CHF | 0.8745 | 0.9338 | 0.8907 | 0.9109 |
| AUD/USD | 0.6286 | 0.6604 | 0.6280 | 0.6457 |
| USD/CAD | 1.3381 | 1.3786 | 1.3637 | 1.3947 |
| USD/JPY | 146.00 | 150.16 | 148.08 | 150.44 |
The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains unchanged.
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