Summary:
The yen hit a 30-year low against the dollar after the BOJ kept rates steady. The dollar stayed stable despite weak US growth last quarter.
EBC Forex Snapshot, 26 Apr 2024
The yen hit its weakest level in three decades against the dollar after the BOJ held interest rates steady on Friday. The dollar steadied though US economic growth disappointed in the last quarter.
The central bank did not provide a clear guidance on the future rate hike path. In its quarterly outlook report, core consumer inflation is expected to hit 2.8% in the year that began in April.
Finance Minister Shunichi Suzuki again threatened to intervene in the market. Still, traders figure there is not much Tokyo can do to reverse the yen's slide as interest rates will unlikely rise soon.
| Citi (as of 22 Apr) | HSBC (as of 26 Apr) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0600 | 1.0885 | 1.0590 | 1.0876 |
| GBP/USD | 1.2337 | 1.2709 | 1.2303 | 1.2716 |
| USD/CHF | 0.8999 | 0.9152 | 0.9032 | 0.9182 |
| AUD/USD | 0.6339 | 0.6668 | 0.6357 | 0.6641 |
| USD/CAD | 1.3478 | 1.3862 | 1.3518 | 1.3819 |
| USD/JPY | 150.88 | 155.00 | 152.89 | 157.08 |
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.
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