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Investors Should Keep an Eye on the Weakening U.S. Dollar

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Investors Should Keep an Eye on the Weakening U.S. Dollar

02.05.2022

Today's Highlights
  1. U.S. Manufacturing PMI
  2. Markets in the UK and China are closed for a holiday

Last weekend, the U.S. dollar experienced a continuous decline from Asian trading hours through U.S. trading hours, with the USD/JPY pair falling from 131.10 to 129.30.The decline continued against the euro as well, with the EUR/USD pair falling from 1.081 to 1.047, hitting a new low for the year. However, the Dollar Index remains at a high level of 103.

European currencies surged against the U.S. dollar, with the pound emerging as the strongest currency. The GBP/USD pair rebounded from 1.245 to 1.261. However, since both the daily and weekly RSI for GBP/USD are below 30, we will be watching closely to see if this rebound continues.

Today, during European trading hours, German retail sales will be released at 15:00, followed by the Swiss Manufacturing PMI at 16:30, the French Manufacturing PMI at 16:50, and the Germanmanufacturing PMI at 16:50, the Eurozone manufacturing PMI at 17:00, the U.S. manufacturing PMI at 22:45 U.S. time, the U.S. ISM Manufacturing Index at 23:00, and U.S. construction spending.Since the UK markets are closed today and Japan enters another long weekend starting tomorrow, we should remain vigilant regarding price movements ahead of Japan’s long weekend while also keeping an eye on the weakening U.S. dollar.

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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