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Should We Keep an Eye on the Direction of the U.S. Dollar?

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Should We Keep an Eye on the Direction of the U.S. Dollar?

15.04.2021

Today's Highlights
  1. BTC Is Once Again Approaching $70,000
  2. Turkey: Policy Rate/Statement Release

Yesterday, the Dow Jones Industrial Average traded in positive territory. Although cryptocurrency exchange Coinbase went public on the Nasdaq, its closing price fell about 14% from its opening price, and the Nasdaq also closed at 13,857, down 0.99% from the previous day.Gold remained flat around $1,739, while crude oil recovered to the $63 range.

The foreign exchange market is currently lacking a clear direction. Among the cross-yen pairs, the Oceania currencies, which had been showing strength, rose by more than 100 pips, while the USD/JPY pair is trading in a range centered around 108.8. Meanwhile, the EUR/USD pair is also trading sideways and is currently attempting a corrective decline near 1.197.

Today’s schedule includes the German Consumer Price Index at 15:00, the French Consumer Price Index at 15:45, Turkish home sales at 16:00, the Turkish Central Bank (TCMB) policy rate at 20:00, U.S. initial jobless claims and retail sales at 21:30,the NY Fed Manufacturing Index, and the Philadelphia Fed Business Outlook Index at 16:00; U.S. industrial production at 22:15; remarks by Bostic, President of the Atlanta Fed, at 24:30; and remarks by Daly, President of the San Francisco Fed, at 27:00.We will carefully assess the situation while keeping a close eye on today’s economic data releases to see if any imbalances emerge in the currency market.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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With the Dow hitting a new high, all eyes are on the direction of the U.S. dollar
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