Harker: Attention on the remarks by the President of the Philadelphia Fed

Harker: Attention on the remarks by the President of the Philadelphia Fed

20.01.2023

In the previous session, the U.S. dollar traded sideways around the 102.1 level on the Dollar Index, causing USD/JPY to consolidate within the 128–129 yen range. USD/JPY fell after encountering resistance at the 75-period moving average (MA) on the 4-hour chart, but during today’s Asian session, it is attempting to rise after breaking above the 20-period MA on the 4-hour chart.There are a number of key speeches scheduled for U.S. trading hours today, and it will be worth watching to see if these remarks will cause the U.S. dollar to rise again.

European currencies saw the euro find support yesterday after ECB President Lagarde stated, “Inflation is clearly too high. We will remain committed to our efforts to bring inflation back to 2% as quickly as possible.”The EUR/USD pair rose from 1.0781 to 1.0842. The 200-period simple moving average (SMA) on the hourly chart also provided support. However, as the pair is testing lower levels again during today’s Asian session, we should remain cautious about the euro’s direction during the U.S. session.

Today’s schedule includes UK retail sales and German producer price index at 16:00 CET, remarks by SNB Governor Jordan at 17:00 CET, remarks by Bundesbank President Nagel at 18:00 CET, and remarks by ECB President Lagarde at 19:00 CET, followed by Canadian retail sales at 22:30 EST,at 11:00 PM, remarks by Harker, President of the Federal Reserve Bank of Philadelphia; at 12:00 AM, U.S. existing home sales; and at 3:00 AM, remarks by Waller, Member of the Federal Reserve Board. We will pay close attention to the content of Harker’s remarks and monitor the direction of the U.S. dollar.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 16.04.2026New

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

5. 15.04.2026New

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

6. 14.04.2026

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

7. 13.04.2026

   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. 10.04.2026

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

9. 09.04.2026

   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. 08.04.2026

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