The US dollar drifted within a tight range on Monday

2024-03-04

Summary:

Monday saw the US dollar in a narrow band due to reduced Treasury yields, as the Japanese yen hovered around 150 per dollar, drawing close attention.

EBC Forex Snapshot, 4 Mar 2024

The US dollar drifted within a tight range on Monday, pressured by lower Treasury yields, while the Japanese yen fluctuated around the closely watched 150 per dollar level.

BOJ governor Kazuo Ueda last week said that the central bank’s price target is not already in sight, a comment that contrasted with hawkish remarks from BOJ board member Hajime Takata earlier.

USDJPY

The country’s factory output fell at the fastest pace since May 2020 last month, according to the METI. The ministry also downgraded its assessment of industrial output for the first time since July last year.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 26 Feb)		HSBC (as of 4 Mar)
	support	resistance	support	resistance
EUR/USD	1.0694	1.1017	1.0724	1.0919
GBP/USD	1.2476	1.2827	1.2552	1.2729
USD/CHF	0.8551	0.9013	0.8752	0.8903
AUD/USD	0.6443	0.6624	0.6444	0.6598
USD/CAD	1.3379	1.3586	1.3461	1.3629
USD/JPY	146.09	151.91	149.24	150.93

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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