Summary:
On Friday, the dollar briefly hit 150 against the yen as 10-year Treasury yields passed 5%. Powell hints at more rate hikes.
EBC Forex Snapshot
20 Oct 2023
The dollar briefly touched the closely watched 150 level against the yen on Friday after the 10-year Treasury yields crossed 5%. Powell still left door open to more rate hikes as expected.
speculators have almost doubled their bullish dollar positions against other G10 currencies month to the most in a year though money markets expect another pause at the Fed’s next meeting.
Sterling fell to two-week lows following a tumble in the GfK consumer confidence index while Swiss franc headed for its largest weekly gain in three months due to safe-haven demand.
| Citi (as of 9 Oct) | HSBC (as of 19 Oct) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0443 | 1.0834 | 1.0442 | 1.0634 |
| GBP/USD | 1.2011 | 1.2308 | 1.2004 | 1.2306 |
| USD/CHF | 0.8745 | 0.9338 | 0.8880 | 0.9171 |
| AUD/USD | 0.6272 | 0.6522 | 0.6246 | 0.6464 |
| USD/CAD | 1.3417 | 1.3805 | 1.3492 | 1.3862 |
| USD/JPY | 146.00 | 150.16 | 148.14 | 150.93 |
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.
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