Should we be on the lookout for how the U.S. dollar reacts to the U.S. CPI?
14.11.2023
- UK Employment Statistics
- U.S. Consumer Price Index
In yesterday’s U.S. currency trading, the U.S. dollar plummeted against the yen at the turn of the day. The USD/JPY pair rose from 1511.334 to 151.906. It then plunged to 151.206, briefly dipping below the 75-period moving average (MA) on the hourly chart, but is currently trading around 151.718—just below the 20-period MA—during today’s Asian session.We need to remain vigilant regarding price movements, as we cannot rule out the possibility of sudden USD selling similar to yesterday’s occurring again today.
European currencies rose against the yen as Germany’s September current account surplus improved to €28.1 billion from €16.6 billion the previous month, according to data released yesterday.The EUR/JPY 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 extends its gains during European trading hours.
Today’s schedule includes the Indian Wholesale Price Index at 3:30 PM, UK Employment Statistics and the Swedish Consumer Price Index at 4:00 PM, Swiss Producer Import Prices at 4:00 PM, remarks by SNB Governor Jordan at 4:45 PM, remarks by NY Fed President Williams at 5:00 PM, and at 7:00 PM, Germany’sZEW Economic Sentiment Index, the Eurozone ZEW Economic Sentiment Index, and Eurozone Q3 GDP; at 7:30 PM, South African employment data; at 7:30 PM, remarks by U.S. Federal Reserve Vice Chair Jefferson; at 10:30 PM, the U.S. Consumer Price Index; and at midnight, remarks by U.S. Federal Reserve Vice Chair Barr.We will carefully assess price trends in the U.S. CPI.
Author: Keisuke Sakurai
