The Yen Was Off its Seven-Week Low

2024-10-08
Summary:

The dollar held seven-week highs on Tuesday as investors cut rate-cut bets after a strong jobs report, while Middle East tensions weighed on it.

EBC Forex Snapshot, 8 Oct 2024


The dollar clung to seven-week highs on Tuesday as investors dashed bets for large rate cuts after a strong jobs report last week, while escalating tensions in Middle East dented risk sentiment.


The yen was off its seven-week low. Strategists still see further strength next year as the BOJ hikes rates, with the median forecast for dollar-yen at 140 in the second quarter, according to Bloomberg.

USDJPY

Speculators flipped to a net long position on the yen for the first time since mid-August last week, CFTC data showed. Hedge funds were the most bullish on Japan's currency since early 2021.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 30 Sep) HSBC (as of 8 Oct)

support resistance support resistance
EUR/USD 1.1002 1.1214 1.0878 1.1141
GBP/USD 1.3002 1.3482 1.2948 1.3326
USD/CHF 0.8375 0.8749 0.8421 0.8639
AUD/USD 0.6757 0.6950 0.6681 0.6888
USD/CAD 1.3420 1.3792 1.3474 1.3703
USD/JPY 139.50 147.13 142.70 151.40

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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