The Bank of Japan showed economic optimism on Friday

2024-09-20
Summary:

The yen rose as the BOJ showed optimism on growth and signaled cautious tightening, while the dollar fell on expectations of more US rate cuts.

EBC Forex Snapshot , 20 Sep 2024


The yen pared its losses on Friday as the BOJ sounded optimistic about growth and signalled it will be judicious about further policy tightening, while the dollar sagged as markets priced in more US rate cuts.


The central bank maintained its view the economy remained on track for a moderate recovery, but said inflation was moderating and on target, leaving traders reluctant to increase bearish bets.

USDJPY

Markets imply a 40% chance the Fed will cut by another 50 bps in November. Rates are seen at 2.85% by the end of 2025, which is now thought to be the Fed's estimate of neutral.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 16 Sep) HSBC (as of 20 Sep)

support resistance support resistance
EUR/USD 1.0857 1.1202 1.1045 1.1233
GBP/USD 1.2812 1.3266 1.3084 1.3399
USD/CHF 0.8375 0.8763 0.8384 0.8559
AUD/USD 0.6618 0.6871 0.6676 0.6895
USD/CAD 1.3441 1.3792 1.3466 1.3649
USD/JPY 140.25 147.13 139.05 146.69

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.

AUD rebounds on jobs report

AUD rebounds on jobs report

The US dollar fell on Thursday after the Fed's larger-than-expected rate cut, which Powell said was to maintain low unemployment.

2024-09-19
The dollar wavered on Wednesday

The dollar wavered on Wednesday

The dollar wavered 18 Sep 2024 after US retail sales unexpectedly rose in August, and the Atlanta Fed raised its GDPNow estimate to 3% from 2.5%.

2024-09-18
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
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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
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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.
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