Market participants may be on alert for fluctuations in the U.S. dollar following remarks by Federal Reserve Governor Bowman

Market participants may be on alert for fluctuations in the U.S. dollar following remarks by Federal Reserve Governor Bowman

18.04.2023

In yesterday’s U.S. currency markets, the U.S. dollar emerged as the strongest currency after the April New York Fed Manufacturing Index, released yesterday, came in at 10.8—significantly exceeding market expectations of -18.1.The EUR/USD pair fell from 1.0916 to 1.0831. On the 4-hour chart, the pair found support at the 75-period moving average (MA) and halted its decline, rebounding slightly during today’s Asian session. We will closely monitor whether the euro continues to rebound heading into the European session.

Among European currencies, the pound fell against the U.S. dollar, which has emerged as the strongest currency. The GBP/USD pair dropped from 1.2437 to 1.2353. The decline halted when the price touched the -3σ line of the hourly Bollinger Bands. Since the GBP/USD pair is currently trading just below the 20-day moving average (MA) on the daily chart, we will be watching to see if the 20-day MA acts as support and triggers a rebound.

Today, at 3:00 PM Asia time, the UK Employment Report will be released; at 6:00 PM Europe time, the German ZEW Economic Sentiment Index, the Eurozone ZEW Economic Sentiment Index, and the Eurozone Trade Balance will be released;at 20:30, the Turkish Housing Price Index; at 21:30 U.S. time, the Canadian Consumer Price Index, U.S. Housing Starts, and U.S. Building Permits; at 24:00, remarks by Bank of Canada Governor Macklem; and at 26:00, remarks by Federal Reserve Governor Bowman. We should be on the lookout for price fluctuations in the U.S. dollar following Federal Reserve Governor Bowman’s remarks during U.S. trading hours.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 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

5. 15.04.2026New

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

6. 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

7. 13.04.2026

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

8. 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?

9. 09.04.2026

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

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran