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Will the U.S. dollar, now the world’s strongest currency, maintain its recovery? Keep an eye on its direction.

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Will the U.S. dollar, now the world’s strongest currency, maintain its recovery? Keep an eye on its direction.

05.12.2023

Today's Highlights
  1. Germany's Services PMI
  2. Eurozone Producer Price Index

In U.S. trading yesterday, the U.S. dollar emerged as the strongest currency. The USD/JPY pair rebounded by approximately 120 pips, rising from 146.229 to 147.450, recovering from its lowest level in the past three months.However, the USD/JPY pair’s daily RSI is trending downward from 70 and still has some room before reaching the oversold level of 30. We will need to carefully assess whether the U.S. dollar will maintain its upward momentum against the yen ahead of next week’s FOMC meeting.

European currencies saw the Swiss franc fluctuate against the yen after Switzerland’s November Consumer Price Index (CPI), released yesterday, showed a year-over-year decline of about 0.3 percentage points from the previous month’s 1.7% to 1.4%.The CHF/JPY pair fell by about 110 pips to 167.717 before recovering to its opening level. During today’s Asian trading session, the pair has been trending higher. We will need to keep an eye on price movements during the European session to see if the franc continues to rise against the yen.

Today, Sweden’s current account balance is due at 16:00, France’s industrial production at 16:45, France’s services PMI at 17:50, Germany’s services PMI at 17:55, the Eurozone’s services PMI at 18:00,6:30 PM UK Services PMI, 7:00 PM Eurozone Producer Price Index, 9:00 PM Brazil Q3 GDP,U.S. Redbook Large Retailer Sales at 22:55, U.S. Services PMI at 23:45, U.S. JOLTS Job Openings at 24:00, U.S. ISM Non-Manufacturing Index, and remarks by Fed Governor Bowman are scheduled.We will carefully assess whether the U.S. dollar, now the world’s strongest currency, will maintain its recovery.

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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