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.

AUDUSD

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.

Citibank vs. HSBC Currency Pair Data Comparison
	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.

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.

Previous： The dollar was on solid footing on Wednesday

Next： Euro teeters between ECB hawks and crippled Germany

Related Articles

The Dollar Gained Further in Asian Trading Monday

The Dollar Gained Further in Asian Trading Monday

The dollar held gains and rose slightly in Asia Monday as Japan's holiday cut liquidity, focusing attention on China's disappointing stimulus.

2024-10-14

Euro Stabilizes After Rebounding from 2-Month Low

Euro Stabilizes After Rebounding from 2-Month Low

The US dollar dipped from a two-month high but is set for a second consecutive weekly gain as weak labor market signals support faster Fed rate cuts.

2024-10-11

Australian Dollar Rebounds from Mid-September Lows

Australian Dollar Rebounds from Mid-September Lows

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.

2024-10-10

EBC Financial Group is a co-brand shared by a group of entities including:
EBC Financial Group (SVG) LLC is authorized by the St.Vincent and the Grenadines Financial Services Authority(SVGFSA),and the company registration number is 353 LLC 2020, with registered address at Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines.
EBC Financial Group (Comoros) Limited is authorised by The Autonomous Island of Anjouan, Union of Comoros Offshore Finance Authority with License number L 15637/EFGC, with registered office address at Hamchako, Mutsamudu, Autonomous Island of Anjouan, Union of Comoros.

Other Relevant Entities
EBC Financial Group (UK) Limited is authorised and regulated by the Financial Conduct Authority. Reference Number: 927552. Website:www.ebcfin.co.uk
EBC Financial Group (Cayman) Limited is licensed and regulated by the Cayman Islands Monetary Authority (Number: 2038223). Website: www.ebcgroup.ky
EBC Financial Group (Australia) Pty Ltd (ACN: 619 073 237) is authorised and regulated by the Australian Securities and Investments Commission (Number: 500991). EBC Financial Group (Australia) Pty Ltd is a related entity of EBC Financial Group (SVG) LLC. The two entities are managed separately. The financial products and services offered on this website are NOT provided by the Australian entity and no recourse against the Australian entity is available.
EBC Group (Cyprus) Ltd, faciliates payment services to the licensed and regulated entities within the EBC Financial Group strucutre, registered under the Companies Law of Republic of Cyprus with the number HE 449205, registered office address at 101 Gladstonos, Agathangelou Business Centre, 3032 Limassol, Cyprus.

Business Address: The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB. Email Address :[email protected] . Telephone : +44 20 3376 9662

Disclaimer:EBC Financial Group explicitly does not participate in any cryptocurrency activities or offer Crypto Contracts for Difference (CFDs). Our financial services solely pertain to traditional instruments. Clients are advised that any references to crypto-related services using the EBC name are inaccurate and unauthorized. Any reference to past performance is not indicative of future performance. The information contained in this website is provided for reference only and does not constitute any investment advice.

Regional Restrictions:EBC does not offer any services to citizens and residents of certain jurisdictions including: Afghanistan, Belarus, Burma (Myanmar), Canada, Central African Republic, Congo, Cuba, Democratic Republic of the Congo, Eritrea, Haiti, Iran, Iraq, Lebanon, Libya, Malaysia, Mali, North Korea (Democratic People's Republic of Korea), Russia, Somalia, Sudan, South Sudan, Syria, Ukraine (including Crimea, Donetsk, and Luhansk Regions), the United States, Venezuela, and Yemen.
Any Spanish on this website is for LATAM only and is not designated for anyone in European Union or Spain For more information, please check out our FAQs.

Compliance Disclosure：The website can be accessed globally and is not specific to any entity. Your actual rights and obligations will be determined based on the entity and jurisdiction that you choose to be regulated.There may be local laws and regulations which prohibit or limit your rights to access, download, distribute, disseminate, share or otherwise use any or all of the documents and information published on this website.

Risk Warning:Trading Contracts for Difference (CFDs) are complex financial instruments and come with a high risk of losing money rapidly due to leverage. Trade on margin carries a high level of risk and may not be suitable for all investors. Before deciding to trade Forex and CFDs, you should carefully consider your trading objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial trading capital. We recommend that you seek independent advice and ensure you fully understand the risks involved before making any investment decision. Please read the relevant risk disclosure statements carefully before trading.