Summary:
The dollar remained steady at its lowest level since April 12. Positive business activity in Europe in April impacted the greenback negatively.
EBC Forex Snapshot, 24 Apr 2024
The dollar was flat on Wednesday around its lowest since 12 April. Data showed business activity kept up its positive momentum across Europe in April, to the detriment of the greenback.
The yen was flirting with the key 155 level although Finance Minister Shunichi Suzuki said last week's meeting with his US counterpart has laid the groundwork for Tokyo to act against excessive yen moves.
Japanese government bond yields mostly reached their levels not seen in more than a decade, as traders looked ahead to the BOJ's policy-setting meeting at the end of this week.
| Citi (as of 22 Apr) | HSBC (as of 23 Apr) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0600 | 1.0885 | 1.0540 | 1.0826 |
| GBP/USD | 1.2337 | 1.2709 | 1.2194 | 1.2607 |
| USD/CHF | 0.8999 | 0.9152 | 0.9026 | 0.9181 |
| AUD/USD | 0.6339 | 0.6668 | 0.6325 | 0.6609 |
| USD/CAD | 1.3478 | 1.3862 | 1.3500 | 1.3871 |
| USD/JPY | 150.88 | 155.00 | 152.14 | 156.20 |
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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