The Dollar Rebounds from Seven-Month Low

2024-08-07

Summary:

A BOJ official downplayed a near-term rate hike on Wednesday, adding to a week already marked by fears about the US recession.

EBC Forex Snapshot, 7 Aug 2024

The yen slumped on Wednesday after a BOJ official played down the chances of a near-term rate hike in a fresh twist to the week that started with massive moves driven by US recession fears.

"As we are seeing sharp volatility in domestic and overseas financial markets, it's necessary to maintain current levels of monetary easing for the time being," Deputy Governor Shinichi Uchida said.

USDJPY

The dollar inched away from the seven-month low. Markets are now pricing in a 70% chance of the Fed cutting rates by 50 bps in September, CME FedWatch tool showed.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 5 Aug)		HSBC (as of 7 Aug)
	support	resistance	support	resistance
EUR/USD	1.0796	1.0948	1.0801	1.1034
GBP/USD	1.2613	1.2894	1.2569	1.2911
USD/CHF	0.8551	0.8827	0.8321	0.8814
AUD/USD	0.6466	0.6653	0.6328	0.6725
USD/CAD	1.3590	1.3899	1.3653	1.3931
USD/JPY	145.37	150.00	138.02	154.22

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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