The yen firmed against the dollar on Monday

2024-03-11

Summary:

Yen strengthened vs. dollar on BOJ's potential exit from negative rates next week, contrasting Fed's expected June rate cut.

EBC Forex Snapshot, 11 Mar 2024

The yen firmed against the dollar on Monday as signs the BOJ will exit negative interest rates at its policy meeting next week contrasted with expectations that the Fed will cut rates in June.

A growing number of BOJ policymakers are warming to the idea of ending negative rates at their March meeting, sources told Reuters. Jiji news agency also reported the central bank is considering to replace YCC.

USDJPY

US job growth accelerated and topped expectations in February, but that likely masks underlying softening labour market conditions as the unemployment rate increased to a two-year high of 3.9%.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 4 Mar)		HSBC (as of 11 Mar)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0819	1.1014
GBP/USD	1.2476	1.2827	1.2648	1.2891
USD/CHF	0.8551	0.9013	0.8713	0.8864
AUD/USD	0.6443	0.6624	0.6518	0.6671
USD/CAD	1.3359	1.3606	1.3395	1.3562
USD/JPY	146.68	151.91	146.75	150.08

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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