All eyes are on whether the U.S. dollar will fluctuate following the release of the University of Michigan Consumer Sentiment Index

All eyes are on whether the U.S. dollar will fluctuate following the release of the University of Michigan Consumer Sentiment Index

10.11.2023

In yesterday’s U.S. trading session, the U.S. dollar emerged as the strongest currency after Federal Reserve Chair Powell stated, “We will not hesitate to tighten further if necessary” and “While the labor market remains tight, the balance is improving.”The EUR/USD pair fell from 1.0725 to 1.10660. The decline halted upon touching the 200-period EMA on the hourly chart. We will monitor whether the U.S. dollar maintains its strength during today’s U.S. trading hours, keeping an eye on economic data releases.

Despite comments yesterday from MPC member Pill that "monetary policy tightening must be maintained to bring inflation down," the pound fell against the yen. GBP/JPY dropped from 185.871 to 184.817.It broke below the 20-period moving average (MA) on the 4-hour chart. However, on the higher-timeframe daily chart, GBP/JPY remains above the 10-period MA, so traders should pay close attention to volatility caused by today’s UK economic data releases during Asian trading hours.

Today, at 4:00 PM: UK GDP, UK Industrial Production, UK Trade Balance, Norway CPI, Turkey Employment Statistics, Turkey Industrial Production; at 4:30 PM: Hungary CPI; at 5:00 PM: Czech Republic CPI; at 5:30 PM: Hong Kong GDP;at 9:00 PM: Mexico’s industrial production and India’s industrial production; at 9:30 PM: remarks by ECB President Lagarde and remarks by Logan, President of the Dallas Fed; at 11:00 PM: remarks by Bostic, President of the Atlanta Fed; and at midnight: the University of Michigan Consumer Sentiment Index.We will be watching for any directional movement in the U.S. dollar following the release of the U.S. University of Michigan Consumer Sentiment Index.

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