The dollar fell on Monday as investors reacted to Biden ending his re-election bid. The yen strengthened as June exports rose for the seventh month.
EBC Forex Snapshot, 22 Jul 2024
The dollar eased slightly on Monday as investors focused on Joe Biden's decision to end his re-election campaign. The yen gained as exports rose for a seventh month in June.
Biden endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the election. Harris quickly received the backing of many within the party but several high profile names stayed quiet.
Analysts said the Japanese currency could be at a turning point after falling since the beginning of 2024 as the Fed is close to cutting rates and the BOJ is widely expected to tighten its monetary policy soon.
Citi (as of 15 Jul) | HSBC (as of 22 Jul) | |||
support | resistance | support | resistance | |
EUR/USD | 1.0796 | 1.0916 | 1.0741 | 1.0980 |
GBP/USD | 1.2860 | 1.2996 | 1.2673 | 1.3105 |
USD/CHF | 0.8832 | 0.9158 | 0.8789 | 0.9021 |
AUD/USD | 0.6647 | 0.6871 | 0.6610 | 0.6776 |
USD/CAD | 1.3577 | 1.3846 | 1.3627 | 1.3796 |
USD/JPY | 157.51 | 160.21 | 154.57 | 161.12 |
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 fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
2024-09-06The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
2024-09-05Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
2024-09-04