The dollar rose with Treasury yields, driven by expectations of Donald Trump winning the presidency and starting another trade war.
EBC Forex Snapshot, 2 Jul 2024
The dollar was supported by rising Treasury yields with analysts attributing the move to expectations of Donald Trump winning the presidency and launching another round of trade war.
The yen dropped to its lowest level since 1986. Japan's finance minister said on the authorities were vigilant to sharp currency moves, but stopped short of giving a clear intervention warning.
Japan's economy shrank more than initially reported in Q1 in a rare unscheduled revision, darkening prospects for a fragile recovery. That could affect the timing of the Bank Of Japan's next interest rate hike.
Citi (as of 24 Jun) | HSBC (as of 28 Jun) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0668 | 1.0916 | 1.0627 | 1.0815 |
GBP/USD | 1.2619 | 1.2860 | 1.2545 | 1.2795 |
USD/CHF | 0.8827 | 0.9158 | 0.8875 | 0.9044 |
AUD/USD | 0.6564 | 0.6729 | 0.6578 | 0.6708 |
USD/CAD | 1.3577 | 1.3846 | 1.3621 | 1.3786 |
USD/JPY | 153.60 | 160.00 | 157.35 | 162.50 |
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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On Friday, the US dollar neared three-week lows ahead of payrolls, while the pound held strong with Labour poised for a UK election landslide.
2024-07-05Thursday saw the dollar weaken after ADP reported fewer job gains in June, aligning with increased initial unemployment claims last week.
2024-07-04On Wednesday, the dollar weakened as Fed Chair Jerome Powell's dovish remarks, despite a strong jobs report, pushed Treasury yields down.
2024-07-03