Summary:
The yen hit a 1-month low Friday as the BOJ held rates and announced future bond buying cuts, contrary to market expectations for this month.
EBC Forex Snapshot, 14 Jun 2024
The yen fell to an over one-month low on Friday after the Bank of Japan stood pat on rates and said it would trim bond buying in the future. But markets had expected it to announce reducing bond purchase this month.
In the broader market, the dollar was on the front foot, helped by the euro weakness and safe-haven bids as France's snap vote call stoked fears of political uncertainty in the country and the wider euro zone bloc.
Data showed the number of Americans filing new claims for unemployment benefits increased to a 10-month high last week while separate data pointed to producer prices unexpectedly falling in May.
| Citi (as of 11 Jun) | HSBC (as of 14 Jun) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0700 | 1.0981 | 1.0664 | 1.0861 |
| GBP/USD | 1.2300 | 1.2827 | 1.2671 | 1.2853 |
| USD/CHF | 0.8885 | 0.9158 | 0.8826 | 0.9100 |
| AUD/USD | 0.6562 | 0.6729 | 0.6571 | 0.6701 |
| USD/CAD | 1.3577 | 1.3846 | 1.3631 | 1.3822 |
| USD/JPY | 151.86 | 157.71 | 155.11 | 158.34 |
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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