The yen hit a year-high against the dollar

2024-09-11

Summary:

On Wednesday, the yen surged to its highest level this year against the dollar after Harris and Trump debated ahead of the November election.

EBC Forex Snapshot, 11 Sep 2024

The yen hit its highest since the start of the year against the dollar on Wednesday after US presidential contenders Harris and Trump traded barbs in the only scheduled debate before November's election.

The yen received an additional boost from BOJ board member Junko Nakagawa, who reiterated on Wednesday that interest rates will keep rising if the economy and inflation move in line with its forecasts.

USDJPY

Harris attacked high tariffs on foreign goods, a proposal she has likened to a sales tax on the middle class. Trump criticised Harris for persistent inflation during President Joe Biden's term.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 2 Sep)		HSBC (as of 11 Sep)
	support	resistance	support	resistance
EUR/USD	1.0832	1.1202	1.0955	1.1142
GBP/USD	1.2860	1.3266	1.2995	1.3215
USD/CHF	0.8333	0.8827	0.8382	0.8549
AUD/USD	0.6659	0.6871	0.6586	0.6770
USD/CAD	1.3420	1.3792	1.3493	1.3673
USD/JPY	141.70	149.39	140.40	145.83

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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