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With Key Figures Making Statements, Should We Watch the Direction of the U.S. Dollar, Which Has Weakened Against the Yen?

Market Report

With Key Figures Making Statements, Should We Watch the Direction of the U.S. Dollar, Which Has Weakened Against the Yen?

23.08.2023

Today's Highlights
  1. UK Manufacturing/Services PMI
  2. U.S. Manufacturing/Services PMI

In the U.S. currency market the previous day, the dollar faced resistance after Richmond Fed President Barkin stated, “We need to achieve the 2% inflation target to ensure the Fed’s credibility,” causing the USD/JPY pair to fall from 146.394 to 145.499.On the hourly chart, USD/JPY has already broken below the 75-period moving average (MA) and is currently positioned between the 200-period simple moving average (SMA) and the 20-period exponential moving average (EMA). On the weekly chart, a bearish divergence has formed as the RSI is making lower highs, so traders should be cautious of a potential decline during U.S. trading hours.

Despite the improvement in the eurozone’s June current account balance (seasonally adjusted)—which was released yesterday and rose from the previous reading of 9.1 billion euros to 35.8 billion euros—the euro became the weakest currency during U.S. trading hours.The euro/yen pair fell from this year’s high of 159.490 to 158.124, breaking below the 75-period moving average (MA) on the 4-hour chart. On the daily chart, it remains above the 20-period MA, so the uptrend has not yet broken down; however, traders should remain cautious regarding price movements during European trading hours.

Today, the Turkish Consumer Confidence Index will be released at 4:00 p.m., the South African Consumer Price Index at 5:00 p.m., the Eurozone Manufacturing/Services PMI at 5:00 p.m., and the UKManufacturing/Services PMI, at 8:00 PM the U.S. MBA Mortgage Applications Index, at 9:30 PM Canadian Retail Sales,at 10:45 p.m., the U.S. Manufacturing/Services PMI; at 11:00 p.m., U.S. New Home Sales; at 11:00 p.m., the Eurozone Consumer Confidence Index; at 11:30 p.m., U.S. Weekly Crude Oil Inventories; and at 2:00 a.m., a U.S. 20-Year Treasury Auction.Amid remarks from key officials, we will closely monitor the direction of the U.S. dollar, which has fallen against the yen.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous Article

Attention Turns to the Euro, as the Impact of Weaker German PPI Was Limited

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Concerns Over Further Declines in the U.S. Dollar as It Falls Alongside Declining U.S. Treasury Yields
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