All eyes are on whether buying of the U.S. dollar will continue on the last Friday of the month.
30.06.2023
- France: Consumer Price Index
- U.S. PCE Deflator
In yesterday's U.S. currency trading, the U.S. dollar rose against the yen following the release of positive results for first-quarter U.S. GDP and initial jobless claims. Although the USD/JPY pair briefly dipped below the 20-period moving average on the hourly chart, it quickly rebounded and climbed to around 144.850.The upward trend has continued into today’s Asian session, marking the seventh consecutive bullish candle on the daily chart. It will be worth watching whether the US dollar extends its gains on the final day of the month.
European currencies saw the euro fall against the U.S. dollar despite yesterday’s preliminary release of Germany’s June consumer price index, which rose to 6.4% year-over-year, up from 6.1% the previous month. The EUR/USD pair fell by approximately 80 pips from 1.0940 to 1.0860. The decline halted as the pair found support at the 200-period EMA on the 4-hour chart.Since the EUR/USD pair is showing signs of a head-and-shoulders pattern on the 4-hour chart, we should remain vigilant to see if downward price movement occurs during U.S. trading hours.
Today’s schedule includes UK Q1 GDP, UK Q1 current account balance, and UK Nationwide house prices at 3:00 PM; Swiss retail sales at 3:30 PM; French CPI and PPI at 3:45 PM; Swiss KOF Leading Index at 4:00 PM; and Germanunemployment rate, at 6:00 PM the Eurozone Consumer Price Index, at 9:30 PM Canada’s GDP, U.S. personal income, and the U.S. PCE deflator, at 10:45 PM the U.S. Chicago PMI, and at 11:00 PM the U.S. University of Michigan Consumer Sentiment Index. We will be closely monitoring the market direction to see if the buying of the U.S. dollar continues on this final Friday of the month.
Author: Keisuke Sakurai
