Will the U.S. jobs report signal a clear weakening of the U.S. dollar? Caution is advised.

Will the U.S. jobs report signal a clear weakening of the U.S. dollar? Caution is advised.

03.11.2023

In yesterday’s U.S. currency markets, the dollar became the weakest currency as traders digested the FOMC announcement. The USD/JPY pair fell from 150.944, breaking below the key 150-yen level to reach 149.833. It briefly dipped below the 200-period simple moving average (SMA) on the hourly chart. On the higher-timeframe 4-hour chart, the pair has broken below the 20-period moving average (MA), indicating that the uptrend has ended.On the daily chart, the pair remains above the 20-day moving average and is maintaining an uptrend just below the 10-day moving average. Therefore, we should remain vigilant regarding whether the US dollar will weaken following today’s US jobs report.

Despite the fact that Germany’s October employment statistics, released yesterday, showed the unemployment rate worsening by 0.1 percentage points from the previous month’s 5.7% to 5.8%, the euro rose against the yen.The EUR/JPY pair rose from 159.070 to 160.063. The rebound from the daily 20-day moving average (MA) continues. As the euro is showing strength against both the Japanese yen and the U.S. dollar in terms of currency strength, we should watch for further upside during European trading hours.

Today’s schedule includes India’s Services PMI and Singapore’s retail sales at 2:00 PM; Germany’s trade balance at 4:00 PM; Turkey’s Consumer Price Index and Producer Price Index at 4:00 PM; France’sIndustrial Production, UK Services PMI at 6:30 PM, Eurozone Employment Statistics at 7:00 PM, remarks by Fed Chair Barr at 9:00 PM, remarks by MPC member Pill at 9:15 PM, US Employment Statistics and Canadian Employment Statistics at 9:30 PM,U.S. PMI at 10:45 PM, U.S. ISM Non-Manufacturing Index at 11:00 PM, and remarks by U.S. Federal Reserve Bank of Minneapolis President Kashkari at 1:45 AM. We should remain vigilant to see if the U.S. employment report will confirm a weakening of the U.S. dollar.

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