Attention is likely to focus on the movement of the U.S. dollar following the release of the U.S. Consumer Price Index for July

Attention is likely to focus on the movement of the U.S. dollar following the release of the U.S. Consumer Price Index for July

11.08.2022

U.S. currencies plummeted the previous day after the U.S. Consumer Price Index came in at 8.5% year-over-year, below the market forecast of 8.7%. The EUR/USD pair rose 160 pips from 1.0201 to 1.0368.The EUR/USD broke above its daily range and touched the neckline at 1.0368 before pulling back. On the weekly chart, the RSI is beginning to trend upward, so we will be closely monitoring price movements heading into the weekend.

European currencies saw the euro face resistance as it followed the U.S. dollar lower, with the euro/yen pair standing out among the cross-yen pairs. The euro/yen fell by approximately 180 pips from 138.396 to 136.592.In contrast to USD/JPY, which is attempting to rise during today’s Asian session, EUR/JPY is stagnating near the support level of 136.976. We will be watching price movements heading into the European session to see if the pair will remain stuck in this low range without recovering from yesterday’s decline.

Today, the Norwegian Consumer Confidence Index is scheduled for 3:30 p.m. Asia time, followed by Turkey’s Current Account Balance at 4:00 p.m. Europe time,U.S. Initial Jobless Claims and the U.S. Producer Price Index at 21:30 U.S. time, U.S. Weekly Natural Gas Inventories at 23:30, the U.S. 30-Year Treasury Auction at 26:00, and the NZ Manufacturing PMI at 7:30 the following day. With the release of the U.S. July CPI, we will be closely monitoring the direction of the U.S. dollar, which has been falling in contrast to rising stock prices.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 15.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?