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Should We Be Wary of U.S. Dollar Price Movements Following the U.S. CPI Release?

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Should We Be Wary of U.S. Dollar Price Movements Following the U.S. CPI Release?

14.11.2023

Today's Highlights
  1. UK Employment Statistics
  2. U.S. Consumer Price Index

In U.S. currency trading the previous day, the U.S. dollar plummeted against the yen at the close of trading. The USD/JPY pair rose from 1511.334 to 151.906.It then plummeted to 151.206, briefly dipping below the 75-period moving average (MA) on the hourly chart, but during today’s Asian trading session, it has been trading around 151.718, just below the 20-period MA on the hourly chart. We need to remain vigilant regarding price movements, as we cannot rule out the possibility of sudden USD selling, similar to yesterday, occurring again today.

European currencies rose against the yen as Germany’s September current account balance, released yesterday, improved to 28.1 billion euros from 16.6 billion euros the previous month. The euro/yen pair rose from 161.544 to 162.362. The gradual uptrend along the 20-period moving average on the hourly chart continued.On the daily chart, the upward trend from last month has carried over into this month, and the price is currently moving along the +2σ line of the daily Bollinger Bands. We will be watching closely to see if the euro continues to rise during European trading hours.

Today’s schedule includes the Indian Wholesale Price Index at 15:30, the UK Employment Report, the Swedish Consumer Price Index, and Swiss Producer Import Prices at 16:00, remarks by SNB Governor Jordan at 16:45, and remarks by Williams at 17:00:remarks by NY Fed President Williams; at 19:00, the German ZEW Economic Sentiment Index, the Eurozone ZEW Economic Sentiment Index, and Eurozone Q3 GDP;at 19:30: South African employment data; at 19:30: remarks by U.S. Federal Reserve Vice Chair Jefferson; at 22:30: U.S. Consumer Price Index; and at 24:00: remarks by U.S. Federal Reserve Vice Chair Barr.We will carefully assess price trends based on the U.S. CPI data.

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.

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