The yen fell broadly on Tuesday
2024-01-23
Summary:
BOJ's expected ultra-easy policy keeps yen falling. Governor Ueda finds quantifying proximity to the 2% inflation target challenging.
EBC Forex Snapshot
23 Jan 2024
The yen fell broadly on Tuesday after the BOJ maintained its ultra-easy monetary settings as expected. Governor Kazuo Ueda said “it's hard to quantify how close” trend inflation was to the 2% target.
In a quarterly report on the outlook, the central bank cut its core consumer inflation forecast for the fiscal year beginning in Apr to 2.4% from 2.8% projected earlier.
China is weighing a massive rescue package to stabilise the local stock market, according to Bloomberg, pushing the Australian dollar higher. The PBOC has left the medium-term policy rate and LPR unchanged in Jan.
| Citi (as of 15 Jan) | HSBC (as of 23 Jan) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0848 | 1.1139 | 1.0817 | 1.0972 |
| GBP/USD | 1.2536 | 1.2848 | 1.2604 | 1.2796 |
| USD/CHF | 0.8333 | 0.8667 | 0.8527 | 0.8778 |
| AUD/USD | 0.6612 | 0.6900 | 0.6472 | 0.6719 |
| USD/CAD | 1.3093 | 1.3177 | 1.3328 | 1.3584 |
| USD/JPY | 140.59 | 146.49 | 143.69 | 150.64 |
The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains unchanged.
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The yen was trading around 156 on Monday
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