Should we keep a close eye on the upside potential of the U.S. dollar, which is rising despite concerns over a pause in interest rate hikes?

Should we keep a close eye on the upside potential of the U.S. dollar, which is rising despite concerns over a pause in interest rate hikes?

27.09.2023

In the U.S. currency market yesterday, the dollar fluctuated against the yen despite the fact that the U.S. S&P/Case-Shiller Home Price Index for July, released yesterday, improved to +0.10% from -1.17% the previous month. The USD/JPY pair traded between 148.703 and 149.187. Although it briefly broke above the key 149-yen level, it did not hold that level for long and fell back.Some market participants believe the Fed has already entered a pause in rate hikes, so it is important to carefully assess whether the U.S. dollar will rise toward the end of the month.

European currencies saw the pound weaken during U.S. trading hours, falling against both the yen and the U.S. dollar. GBP/JPY fell from 181.812 to 181.125. It is currently hovering just above the 75-day moving average (MA) on the daily chart. Since the pair has already broken below the 10-day MA on the weekly chart, we will be closely monitoring whether the pound’s decline continues toward the 20-day MA around 179.660.

Today’s schedule includes the German GfK Consumer Confidence Index at 3:00 PM, the French Consumer Confidence Index at 3:45 PM, Thailand’s policy rate at 4:00 PM, the Eurozone Money Supply and the Swiss Investor Confidence Index at 5:00 PM, the U.S. MBA Mortgage Applications Index at 8:00 PM, Mexico’s trade balance at 9:00 PM, and U.S. Kashkari:Minneapolis Fed President Kashkari’s remarks, at 9:30 PM the U.S. Durable Goods Orders, at 11:30 PM U.S. Weekly Crude Oil Inventories, at 1:00 AM Russian Industrial Production, and at 2:00 AM the U.S. 5-Year Treasury Auction. We should pay close attention to the upside potential of the U.S. dollar, which is rising despite concerns over a pause in interest rate hikes.

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