Summary:
The dollar wobbled on Friday, heading for a third month of declines as investors assessed Fed policy, while China's stimulus boosted risk currencies.
EBC Forex Snapshot, 27 Sep 2024
The dollar wobbled on Friday and looked set for a third straight month of declines as investors weighed Fed’s policy, while China's spree of stimulus measures kept risk-sensitive currencies aloft.
The yen saw wild swings as Japan’s leadership contest heat up. Markets braced for the victory of hardline nationalist Sanae Takaichi, a vocal opponent of further tightening in Japan.
Data showed core inflation in Japan's capital matched the 2% target this month, a sign the economy is making progress in meeting the criteria for further rate hikes.
| Citi (as of 23 Sep) | HSBC (as of 27 Sep) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0857 | 1.1202 | 1.1047 | 1.1259 |
| GBP/USD | 1.2812 | 1.3353 | 1.3131 | 1.3566 |
| USD/CHF | 0.8375 | 0.8749 | 0.8384 | 0.8544 |
| AUD/USD | 0.6622 | 0.6871 | 0.6706 | 0.6995 |
| USD/CAD | 1.3441 | 1.3792 | 1.3372 | 1.3601 |
| USD/JPY | 139.50 | 147.13 | 141.14 | 146.89 |
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 held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
