The yen was trading around 155 on Wednesday

2024-05-08

Summary:

The dollar rose slightly on Wednesday after earlier Fed rate cut bets. The yen traded near 155 per dollar as traders anticipated market swings.

EBC Forex Snapshot, 8 May 2024

The dollar made modest gains on Wednesday after earlier losses from renewed bets on Fed rate cuts this year. The yen was trading around 155 per dollar as traders prepare for another round of whack-a-mole.

BOJ Kazuo Ueda said the central bank may take monetary policy action if yen declines affect prices significantly. Finance Minister Shunichi Suzuki warned that authorities were ready to respond to excessively volatile moves in the currency market.

USDJPY

However, analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the US and Japan remain.

	Citi (as of 6 May)		HSBC (as of 8 May)
	support	resistance	support	resistance
EUR/USD	1.0601	1.0885	1.0637	1.0840
GBP/USD	1.2300	1.2709	1.2322	1.2659
USD/CHF	0.8999	0.9244	0.8983	0.9202
AUD/USD	0.6443	0.6668	0.6422	0.6709
USD/CAD	1.3478	1.3846	1.3619	1.3815
USD/JPY	151.86	157.68	151.02	159.20

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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