The dollar tread water on Friday

2024-03-29

Summary:

2023.3.29 USD flat, Q1 up vs. majors. Yen below 152 prompts a Japan emergency meeting. FM blames speculation and prepares an intervention.

EBC Forex Snapshot,29 Mar 2024

The dollar tread water on Friday but is riding high against almost every major currency in Q1. The yen faltered towards the 152 level, advancing an emergency meeting to arrest its decline.

The meeting between the MOF, the BOJ and Financial Services Agency, planned to be held on Thursday, was brought forward to Wednesday to maximise the psychological impact on markets, said the source.

USDJPY

Separately, Finance Minister Shunichi Suzuki said there were "speculative" moves behind the recent plunge, suggesting authorities remained on stand-by to intervene in the market.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 25 Mar)		HSBC (as of 28 Mar)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0757	1.0937
GBP/USD	1.2503	1.2896	1.2509	1.2830
USD/CHF	0.8741	0.9112	0.8820	0.9163
AUD/USD	0.6443	0.6691	0.6468	0.6633
USD/CAD	1.3359	1.3607	1.3451	1.3648
USD/JPY	146.66	151.91	147.87	153.37

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.

Previous： The dollar was broadly steady on Monday

Next： The dollar consolidated on Thursday

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