The Yen Stabilized Mid-Range Last Month

2024-10-01

Summary:

The US dollar rallied Tuesday as Fed Chair Powell rejected expectations for large rate cuts, while the yen steadied mid-range.

EBC Forex Snapshot, 1 Oct 2024

The US dollar rallied broadly on Tuesday after Fed Chair Jerome Powell pushed back against bets on more supersized interest rate cuts. The yen steadied close to the middle of its trading range over the past month.

Traders remain certain that the Fed will cut again at the next policy setting meeting in November, but slashed expectations for a 50-bp reduction to 35.4%, according to CME Group's FedWatch Tool.

USDJPY

Minutes of the BOJ September meeting showed that policymakers discussed the need for caution over near-term interest rate hikes, with little impact on the market.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 23 Sep)		HSBC (as of 30 Sep)
	support	resistance	support	resistance
EUR/USD	1.0857	1.1202	1.1038	1.1250
GBP/USD	1.2812	1.3353	1.3103	1.3538
USD/CHF	0.8375	0.8749	0.8346	0.8506
AUD/USD	0.6622	0.6871	0.6702	0.7019
USD/CAD	1.3441	1.3792	1.3404	1.3633
USD/JPY	139.50	147.13	139.00	145.93

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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