Yen near post-1990 lows

2024-04-11

Summary:

Thursday saw the dollar stay strong as inflation data dashed hopes for a Q2 rate cut. The yen neared its lowest since the '90s.

EBC Forex Snapshot, 11 Apr 2024

The dollar was firm on Thursday after hotter-than-expected inflation data squashed lingering expectations of a rate cut in Q2. The Japanese yen traded within a whisker of the lowest since mid-1990.

BOJ Governor Kazuo Ueda said the central bank would not directly respond to currency moves in setting monetary policy, brushing aside speculation that the yen's sharp falls could force it to act.

USDJPY

Some yen traders are seeing 152 as a line in the sand for Japan’s finance ministry even though officials have repeatedly said they are not defending specific levels.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 25 Mar)		HSBC (as of 11 Apr)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0682	1.0844
GBP/USD	1.2503	1.2896	1.2462	1.2654
USD/CHF	0.8741	0.9112	0.9013	0.9197
AUD/USD	0.6443	0.6691	0.6445	0.6610
USD/CAD	1.3359	1.3607	1.3533	1.3760
USD/JPY	146.66	151.91	151.57	154.01

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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