Yen Hits 4-Week Low in Friday Trading

2024-05-31
Summary:

The dollar steadied Friday after a Q1 US GDP revision hinted at Fed rate cuts. The yen stayed above its four-week low on stable price growth.

EBC Forex Snapshot, 31 May 2024


The dollar steadied on Friday after a downward revision to US GDP for Q1 suggested room for the Fed to cut interest rates this year. The yen remained off its four-week low on stable price growth.


Markets currently priced in a 55% chance of rate cuts to begin in September, according to the CME Group's FedWatch Tool. The downgrade followed recent softness in readings of retail sales and equipment spending.

USDJPY

Data showed core consumer inflation in Tokyo accelerated in May but price growth excluding the effect of fuel eased, heightening uncertainty on the timing of the BOJ's next rate hike.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 27 May) HSBC (as of 31 May)

support resistance support resistance
EUR/USD 1.0793 1.0895 1.0766 1.0896
GBP/USD 1.2300 1.2803 1.2557 1.2851
USD/CHF 0.8988 0.9244 0.8959 0.9132
AUD/USD 0.6563 0.6729 0.6569 0.6705
USD/CAD 1.3478 1.3846 1.3596 1.3752
USD/JPY 152.12 157.68 154.33 158.52

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 dollar rose to a 4-week high against the euro

The dollar rose to a 4-week high against the euro

On Thursday, the dollar hit a four-week high against the euro as persistent inflation suggested the Fed might avoid a large rate cut next week.

2024-09-12
The yen hit a year-high against the dollar

The yen hit a year-high against the dollar

On Wednesday, the yen surged to its highest level this year against the dollar after Harris and Trump debated ahead of the November election.

2024-09-11
The euro has not fluctuated much

The euro has not fluctuated much

The dollar held steady early Tuesday, with the euro little changed. A weaker jobs report boosts expectations for a 50 bps Fed cut this month.

2024-09-10
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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
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC. The two entities are managed separately. The financial products and services offered on this website are NOT provided by the Australian entity and no recourse against the Australian entity is available.
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address : [email protected]. Telephone : +44 20 3376 9662
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.
Regional Restrictions: EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen. For more information, please check out our FAQs.
Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.
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