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Will the U.S. dollar's decline stabilize?

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Will the U.S. dollar's decline stabilize?

04.10.2021

Today's Highlights
  1. Turkey—Producer Price Index
  2. U.S. Manufacturing New Orders

Last weekend, the three major stock indices in the U.S. market all rose, resulting in a market environment characterized by rising stock prices, falling interest rates, and higher crude oil prices. WTI crude oil rose to $75.7, while gold rose slightly to the $1,760 range. Coal prices also rose, reaching a new record high.This comes amid reports that China is stepping up its efforts to secure natural resources.

In addition, the U.S. August Personal Consumption Expenditures Price Index (month-over-month), released last Friday, came in at 0.3 versus a forecast of 0.2, suggesting that consumer spending picked up ahead of the new school year. However, the U.S. dollar’s decline continued during U.S. trading hours last weekend, and the USD/JPY pair is currently trading around 111.01.That said, since USD/JPY is trading just above the 200-period moving average on the hourly chart, we will be keeping a close eye on whether a rebound occurs.

Today, Swiss retail sales and the Swiss Consumer Price Index are scheduled for 15:30 during Asian trading hours; the Turkish Producer Price Index is scheduled for 16:00 during European trading hours; Canadian housing permits are scheduled for 21:30 during U.S. trading hours; andat 23:00, U.S. new manufacturing orders, and remarks by U.S. Federal Reserve Bank of St. Louis President Braid. With the U.S. jobs report coming up this weekend, attention is likely to shift toward the U.S. dollar, so I plan to closely monitor price movements at the start of the week while keeping an eye on the correlation with European currencies.

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 focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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