All eyes are on whether buying of the U.S. dollar will continue on Friday, the last day of the month.
30.06.2023
- France: Consumer Price Index
- U.S. PCE Deflator
In the U.S. currency market yesterday, 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 rose to around 144.850 yen.The upward trend has continued into today’s Asian trading session, marking the seventh consecutive bullish candle on the daily chart. It will be interesting to see whether the U.S. dollar continues to rise on the final day of the month.
European currencies saw the euro fall against the U.S. dollar, despite yesterday’s release of preliminary German consumer price index data for June, which came in at 6.4% year-over-year—up from the previous month’s 6.1%. The euro/dollar pair fell by approximately 80 pips from 1.0940 to 1.0860.The decline halted as the 200-period EMA on the 4-hour chart provided support. Since the EUR/USD pair is showing signs of a head-and-shoulders pattern on the 4-hour chart, traders should remain vigilant to see if downward price movement occurs during U.S. trading hours.
Today, at 15:00, the UK will release its first-quarter GDP, first-quarter current account balance, and Nationwide house prices; at 15:30, Switzerland will release its retail sales figures;at 3:45 PM, France’s Consumer Price Index and Producer Price Index; at 4:00 PM, Switzerland’s KOF Leading Index; at 4:55 PM, Germany’sunemployment rate, at 18:00 the Eurozone Consumer Price Index, at 21:30 Canada’s GDP, U.S. personal income, and the U.S. PCE deflator, at 22:45 the U.S. Chicago Purchasing Managers’ Index, and at 23:00 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 Friday, the last day of the month.
Author: Keisuke Sakurai
