Summary:
Tues: Dollar steady, yen near 2-week low; Japan's April PPI unchanged, buoyed by higher crude oil prices.
EBC Forex Snapshot, 14 May 2024
The dollar was steady on Tuesday and the yen was hovering near a two-week low. Japan's PPI was unchanged in April from the previous month, as higher crude oil prices maintained inflationary pressure.
Finance minister Shunichi Suzuki played down the market's focus on a specific exchange rate level, but he stressed the need to take action to "smooth out" excessive fluctuations in the forex market.
According to the latest Bloomberg survey, almost 75% of the respondents said the greenback was the best haven currency, with the Swiss franc getting 23% of the vote and the Japanese yen far behind.
| Citi (as of 6 May) | HSBC (as of 13 May) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0601 | 1.0885 | 1.0667 | 1.0842 |
| GBP/USD | 1.2300 | 1.2709 | 1.2356 | 1.2660 |
| USD/CHF | 0.8999 | 0.9244 | 0.8971 | 0.9190 |
| AUD/USD | 0.6443 | 0.6668 | 0.6478 | 0.6686 |
| USD/CAD | 1.3478 | 1.3846 | 1.3591 | 1.3767 |
| USD/JPY | 151.86 | 157.68 | 151.70 | 159.88 |
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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