Summary:
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.
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.
The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.
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The US hovered near a two-month high on Thursday as markets grew confident in the Fed's patient monetary policy ahead of a key inflation report.
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