Dollar at 1-year high vs. yen - EBC Daily Snapshot

2023-11-13

Summary:

The dollar hits a 1-year high vs. the yen on eased Fed rate-cut fears. Japan's October inflation drops below 1%, signaling waning cost pressures.

EBC Forex Snapshot

13 Nov 2023

The dollar climbed to its highest levels in over a year against the yen on Monday, supported by ebbing expectations for the Fed’s interest rate cuts next year. More Fed speakers are lined up this week.

USDJPY

Data showed that Japanese wholesale inflation slowed below 1% for the first time in just over 2.5 years in Oct. That suggested that cost pressures may have started to fade.

Sterling rose after Prime Minister Rishi Sunak reputedly sacked his interior minister Suella Braverman. It was seen as a part of his wider cabinet reshuffle where underperforming officials will be removed.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 6 Nov)		HSBC (as of 9 Nov)
	support	resistance	support	resistance
EUR/USD	1.0448	1.0737	1.0563	1.0804
GBP/USD	1.2037	1.2448	1.2091	1.2451
USD/CHF	0.8745	0.9338	0.8881	0.9107
AUD/USD	0.6400	0.6599	0.6272	0.6526
USD/CAD	1.3569	1.3899	1.3646	1.3918
USD/JPY	147.43	151.95	149.26	152.21

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.

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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