Summary:
On Thursday, the dollar surged to a two-week high due to strong economic data and weak Treasury auctions, signaling market ripples.
EBC Forex Snapshot, 30 May 2024
The dollar scaled a two-week peak on Thursday as a spate of stronger-than-expected economic data and a run of poorly received auctions rippled through the Treasury market.
Market interventions proves to be limited in its in its ability to reverse the yen's slide so Japanese policymakers are turning their attention to more structural economic factors for a fundamental solution.
They discussed measures to strengthen Japan's global competitiveness and divert profits earned overseas to boost domestic growth during four meetings since March, according to minutes.
| Citi (as of 27 May) | HSBC (as of 30 May) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0793 | 1.0895 | 1.0741 | 1.0877 |
| GBP/USD | 1.2300 | 1.2803 | 1.2537 | 1.2838 |
| USD/CHF | 0.8988 | 0.9244 | 0.9026 | 0.9199 |
| AUD/USD | 0.6563 | 0.6729 | 0.6555 | 0.6691 |
| USD/CAD | 1.3478 | 1.3846 | 1.3620 | 1.3776 |
| USD/JPY | 152.12 | 157.68 | 154.86 | 159.05 |
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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