Summary:
The yen reached a 2.5-month high on Thursday, with the dollar, euro, and sterling falling over 1% ahead of next week's BOJ meeting.
EBC Forex Snapshot, 25 Jul 2024
The yen rose to its strongest level in 2.5 months on Thursday ahead of next week's BOJ meeting. The dollar, euro, sterling and other major currencies all slumped more than 1% against the currency.
Sources told Reuters that the central bank is likely to debate whether to raise interest rates next week and unveil a plan to roughly halve bond purchases in coming years.
US business activity also climbed to a 27-month high in July, but firms appeared to have some difficulty sustaining higher prices for their goods and services amid resistance from consumers.
| Citi (as of 22 Jul) | HSBC (as of 23 Jul) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0796 | 1.0981 | 1.0766 | 1.0979 |
| GBP/USD | 1.2860 | 1.3045 | 1.2721 | 1.3094 |
| USD/CHF | 0.8820 | 0.9158 | 0.8792 | 0.9024 |
| AUD/USD | 0.6663 | 0.6871 | 0.6582 | 0.6750 |
| USD/CAD | 1.3589 | 1.3846 | 1.3633 | 1.3821 |
| USD/JPY | 155.07 | 160.21 | 154.24 | 160.87 |
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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