All eyes are on whether remarks by key figures (in U.S. time) will cause fluctuations in the U.S. dollar.

All eyes are on whether remarks by key figures (in U.S. time) will cause any fluctuations in the U.S. dollar.

20.04.2023

In the U.S. currency market the previous day, the USD/JPY pair rose slightly after New York Fed President Williams stated, “Inflation remains at too high a level, and it will take time for the Fed’s policy measures to take effect,” suggesting that even if the Fed pauses interest rate hikes, rates are likely to remain at high levels.The USD/JPY pair rose from 133.954 to 135.129, reaching the 135-yen level for the first time in about a month. We will be watching closely to see if the U.S. dollar maintains its strength during U.S. trading hours today.

Among European currencies, the pound rose against the yen after the UK’s March Consumer Price Index, released yesterday, showed a slight decline to 10.1% from 10.4% the previous month. The GBP/JPY pair rose from 166.487 to 167.963, moving in line with the 20-period moving average on the hourly chart.The 4-hour chart shows an even stronger trend, with the pair rising along the 10-period moving average. We will be closely monitoring the direction of the market to see if it continues to rise during European trading hours.

Today, the German Producer Price Index will be released at 15:00, the Eurozone trade balance at 18:00, the ECB meeting minutes at 20:30, the Canadian Housing Price Index, U.S. initial jobless claims, and the U.S. Philadelphia Fed Business Outlook Index at 21:30,at 11:00 PM, U.S. Existing Home Sales; at 11:30 PM, U.S. Weekly Natural Gas Inventories; at 12:30 AM, remarks by BOC Governor McClem of Canada and MPC Member Tenreiro of the UK; at 1:00 AM, remarks by Fed Governor Waller of the U.S.;at 25:20, remarks by Mester, President of the Cleveland Fed; and at 28:00, remarks by Bowman, Fed Governor. We will be closely monitoring whether these remarks by key figures (in U.S. time) will cause any fluctuations in the U.S. dollar.