Dollar's largest monthly gain since September

2024-01-31

Summary:

The dollar sees its biggest monthly gain since September; the yen faces its sharpest drop in a year. The Fed and BOJ may delay expected rate changes.

EBC Forex Snapshot

31 Jan 2024

The dollar headed for its biggest monthly gain since September and the yen for its sharpest drop in over a year on Wednesday as the Fed and the BOJ may not change rates as soon as expected.

The Australian dollar was down against the dollar as inflation report disappointed. Bond futures are now fully priced for two quarter-point reductions in 2024, with the first move in August.

USDJPY

A court in Hong Kong has ordered the winding up of Evergrande Group on Monday, dealing another blow to investor confidence in the ailing real estate sector – a major source of iron ore demand.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 22 Jan)		HSBC (as of 29 Jan)
	support	resistance	support	resistance
EUR/USD	1.0848	1.1139	1.0779	1.0958
GBP/USD	1.2536	1.2848	1.2602	1.2794
USD/CHF	0.8333	0.8667	0.8511	0.8753
AUD/USD	0.6526	0.6900	0.6489	0.6694
USD/CAD	1.3177	1.3619	1.3347	1.3547
USD/JPY	140.59	148.80	145.37	149.87

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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