Yen Hits 4-Week Low in Friday Trading

2024-05-31

Summary:

The dollar steadied Friday after a Q1 US GDP revision hinted at Fed rate cuts. The yen stayed above its four-week low on stable price growth.

EBC Forex Snapshot, 31 May 2024

The dollar steadied on Friday after a downward revision to US GDP for Q1 suggested room for the Fed to cut interest rates this year. The yen remained off its four-week low on stable price growth.

Markets currently priced in a 55% chance of rate cuts to begin in September, according to the CME Group's FedWatch Tool. The downgrade followed recent softness in readings of retail sales and equipment spending.

USDJPY

Data showed core consumer inflation in Tokyo accelerated in May but price growth excluding the effect of fuel eased, heightening uncertainty on the timing of the BOJ's next rate hike.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 27 May)		HSBC (as of 31 May)
	support	resistance	support	resistance
EUR/USD	1.0793	1.0895	1.0766	1.0896
GBP/USD	1.2300	1.2803	1.2557	1.2851
USD/CHF	0.8988	0.9244	0.8959	0.9132
AUD/USD	0.6563	0.6729	0.6569	0.6705
USD/CAD	1.3478	1.3846	1.3596	1.3752
USD/JPY	152.12	157.68	154.33	158.52

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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Next： The Dollar scaled a two-week peak on Thursday

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