The dollar remained unchanged on Monday

2024-03-18

Summary:

Monday saw a stable dollar as traders awaited central bank meetings globally. The BOJ appears close to discontinuing negative rates.

EBC Forex Snapshot, 18 Mar 2024

The dollar was steady on Monday as traders looked ahead to a week dominated by central bank meetings worldwide, with the BOJ seemingly on the brink of ending negative rates.

Internal preparations for an exit have been in the works since Kazuo Ueda took office as BOJ governor in April last year, and were mostly done by year-end, sources familiar told Reuters.

USDJPY

There is still a possibility that the central bank may opt to act until the April meeting. The Asian currency has had a whirlwind past few weeks, weakening to 150.88 last month.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 11 Mar)		HSBC (as of 18 Mar)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0794	1.098
GBP/USD	1.2503	1.2896	1.2593	1.2889
USD/CHF	0.8551	0.9000	0.8745	0.8909
AUD/USD	0.6443	0.6691	0.6468	0.6659
USD/CAD	1.3359	1.3607	1.3437	1.3625
USD/JPY	146.68	150.89	146.71	151.08

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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