Yen struggled vs. dollar - EBC Daily Snapshot

2023-10-31

Summary:

The yen weakened on Tuesday and languished near a one-year low against the dollar, after the BOJ edged towards ending years of massive monetary stimulus.

EBC Forex Snapshot

31 Oct 2023

The yen weakened on Tuesday and languished near a one-year low against the dollar, after the BOJ edged towards ending years of massive monetary stimulus.

Investors were clearly not impressed as they had expected a bigger move. A tweak had been priced in following a Nikkei report that said the BOJ could adjust its YCC.

EURUSD

The euro looked set to reverse two straight months of losses as the Germany economy shrank in the third quarter and China manufacturing activity contracted in October.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 24 Oct)		HSBC (as of 31 Oct)
	support	resistance	support	resistance
EUR/USD	1.0448	1.0737	1.0507	1.0706
GBP/USD	1.2011	1.2387	1.2045	1.2314
USD/CHF	0.8745	0.9338	0.8907	0.9109
AUD/USD	0.6286	0.6604	0.6280	0.6457
USD/CAD	1.3381	1.3786	1.3637	1.3947
USD/JPY	146.00	150.16	148.08	150.44

The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains 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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