Summary:
The dollar rose to an eight-week high above 159 yen on Friday as the Fed's patient rate-cut stance contrasted with more dovish global positions.
EBC Forex Snapshot, 21 Jun 2024
The dollar pushed to a fresh eight-week top above 159 yen on Friday, with the Fed's patient approach to cutting interest rates contrasting with more dovish stances elsewhere.
The US Treasury Department added Japan to its "monitoring list" for foreign-exchange practices, but stopped short of labelling it or any other trade partner as a currency manipulator.
Even so, Japan's top currency diplomat Masato Kanda stressed that Tokyo stands ready to take further "resolute" action against "speculative, excessive volatility".
| Citi (as of 17 Jun) | HSBC (as of 21 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0688 | 1.0981 | 1.0606 | 1.0855 |
| GBP/USD | 1.2612 | 1.286 | 1.2584 | 1.2793 |
| USD/CHF | 0.8885 | 0.9158 | 0.8812 | 0.9023 |
| AUD/USD | 0.6564 | 0.6729 | 0.6584 | 0.6714 |
| USD/CAD | 1.3577 | 1.3846 | 1.3594 | 1.3785 |
| USD/JPY | 151.86 | 158.26 | 155.91 | 160.50 |
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.
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The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
2024-10-14
The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.
2024-10-11
The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
2024-10-10
