Yen peaked vs. dollar Thursday

2024-03-07

Summary:

Yen hit one-month high vs. dollar Thursday; BOJ member Junko Nakagawa cited Japan's economy moving steadily to 2% inflation target.

EBC Forex Snapshot, 7 Mar 2024

The yen hit a one-month high against the dollar on Thursday after BOJ board member Junko Nakagawa said Japan's economy was moving steadily towards sustainably achieving the central bank's 2% inflation target.

Japan's real wages in January were down 0.6% from a year earlier, marking the 22nd straight month of decline, as salary gains continued to fall short of price rises, government data showed.

USDJPY

The dollar slipped after Powell said rate cuts will likely be appropriate later this year. Futures pricing currently point to a roughly 70% chance of policy pivot in June, according to the CME FedWatch tool.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 4 Mar)		HSBC (as of 7 Mar)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0780	1.0965
GBP/USD	1.2476	1.2827	1.2598	1.2811
USD/CHF	0.8551	0.9013	0.8743	0.8894
AUD/USD	0.6443	0.6624	0.6494	0.6613
USD/CAD	1.3359	1.3606	1.3432	1.3599
USD/JPY	146.68	151.91	148.49	150.54

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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