EBC Daily Snapshot - 19 Sep 2023

2023-09-19

Summary:

The dollar held steady on Tuesday ahead of several central bank meetings this week. Japan's ultra-loose monetary policy kept the yen near a 10-month low.

EBC Forex Snapshot

19 Sep 2023

The dollar traded sideways on Tuesday as investors await a slew of central bank meetings this week. The yen hovered near a 10-month low due to Japan's ultra-loose monetary policy.

The BOJ will likely opt to overlook Forex Markets and bore investors again despite Kazuo Ueda’s latest remark that policy normalisation could get underway if inflation target is within reach.

USDJPY

The RBA considered a 25 bps interest rate hike before eventually deciding to adopt a wait-and-see approach, its September meeting minutes showed. But the Australian dollar was not impressed.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 11 Sep)		HSBC (as of 19 Sep)
	support	resistance	support	resistance
EUR/USD	1.0688	1.1091	1.0564	1.0880
GBP/USD	1.2448	1.2800	1.2251	1.2629
USD/CHF	0.8556	0.8945	0.8814	0.9053
AUD/USD	0.6365	0.6522	0.6352	0.6519
USD/CAD	1.3387	1.3705	1.3403	1.3630
USD/JPY	144.54	148.85	145.37	148.90

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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