Summary:
Tuesday saw the dollar decline due to profit-taking and pressure from a firmer yen, fueled by ongoing Japanese government efforts to support it.
EBC Forex Snapshot, 26 Mar 2024
The dollar dropped on Tuesday, owing to profit-taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency.
With a relatively light economic data calendar for the week, FX volatility has been muted. The Canadian dollar hovered around its weakest level in more than three months against the dollar despite of oil rally.
Canadian retail sales fell 0.3% in January from December, weighed down by lower goods prices and sales of motor vehicle and parts. The country’s factory sales rose 0.7% in February on a monthly basis.
| Citi (as of 18 Mar) | HSBC (as of 26 Mar) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0695 | 1.1017 | 1.0764 | 1.0944 |
| GBP/USD | 1.2503 | 1.2896 | 1.2506 | 1.2827 |
| USD/CHF | 0.8741 | 0.9000 | 0.8807 | 0.9099 |
| AUD/USD | 0.6443 | 0.6691 | 0.6464 | 0.6641 |
| USD/CAD | 1.3359 | 1.3607 | 1.3463 | 1.3660 |
| USD/JPY | 146.26 | 149.21 | 147.97 | 153.36 |
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.
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