All eyes are on whether the U.S. dollar will weaken following the Beige Book release

All eyes are on whether the U.S. dollar will weaken following the Beige Book release

19.04.2023

In the U.S. currency market yesterday, the U.S. dollar became the weakest currency after the March housing starts data released yesterday showed that both "housing starts" and "building permits" came in below the previous month’s figures. The USD/JPY pair fell to the 134.705–133.863 range.The decline halted just short of the 75-period moving average (MA) on the hourly chart. However, on the higher-timeframe 4-hour chart, USD/JPY has firmly broken above the 200-period SMA, and since the upward trend on the daily chart remains intact, traders should pay close attention to economic data releases during U.S. trading hours.

European currencies saw the euro trade in a narrow range against the yen ahead of today’s consumer price index (CPI) release. The EUR/JPY pair traded between 146.731 and 147.388, with prices trending higher during today’s Asian session. Following last week’s rally, the EUR/JPY pair has significantly surpassed this year’s high, and the yen is once again weakening. We will be closely monitoring whether the euro rises against the yen following the CPI release.

Today, at 3:00 PM, the UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index will be released; at 4:00 PM, the Turkish Consumer Confidence Index and remarks by SNB Board Member Meckl will be released; at 5:00 PM, the Eurozone Current Account will be released;at 6:00 PM: Eurozone Construction Output and Eurozone Consumer Price Index; at 8:00 PM: US MBA Mortgage Applications; at 9:15 PM: Canadian Housing Starts; at 9:30 PM: Canadian Industrial Product Prices; at 11:30 PM: US Weekly Crude Oil Inventories; and at 3:00 AM: US Federal Reserve Regional Economic Reports.We want to carefully assess whether the Beige Book will cause the US dollar to weaken.

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