The dollar rebound was capped on Monday

2024-08-19

Summary:

On Monday, the US dollar struggled in a tight range as investors awaited new clues on interest rate outlooks for the week.

EBC Forex Snapshot, 19 Aug 2024

The US dollar was struggling to make headway on Monday, though it traded in a tight range as investors awaited fresh catalysts this week that could offer clues on the outlook for interest rates.

The yen rose amid elevated volatility. Hedge funds turned bullish on Japan’s currency for the first time since 2021 after a blow-up of a popular yen trade as the BOJ is expected to keep raising interest rates.

USDJPY

However, the political uncertainty left by PM Fumio Kishida's decision to step down will likely lead to a pause, rather than a full stop, to the central bank’s monetary tightening.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 12 Aug)		HSBC (as of 19 Aug)
	support	resistance	support	resistance
EUR/USD	1.0796	1.1017	1.0853	1.1125
GBP/USD	1.2613	1.2894	1.2753	1.3044
USD/CHF	0.8333	0.8827	0.8435	0.8880
AUD/USD	0.6363	0.6653	0.6446	0.6786
USD/CAD	1.3590	1.3977	1.3579	1.3860
USD/JPY	141.70	147.90	141.09	154.64

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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