All eyes are on whether the U.S. dollar, now the world’s strongest currency, will continue to rise

All eyes are on whether the U.S. dollar, now the world’s strongest currency, will continue to rise

10.01.2024

In the previous day’s U.S. currency trading, the U.S. dollar became the weakest currency during U.S. trading hours, despite remarks by Fed Vice Chair Bar that “the key issue is not whether to raise rates further this year, but how long to maintain restrictive interest rates.” The EUR/USD pair fell from 1.0966 to 1.091, trading below the 20-period moving average on the 4-hour chart. We will be watching closely to see if the U.S. dollar continues to weaken heading into U.S. trading hours.

European currencies saw the euro trade sideways against the yen after Villeroy de Galhau, Governor of the Bank of France, stated, “If the 2% inflation target becomes firmly established, rate cuts are possible. The timing of ECB rate cuts will depend on the data.”The euro/yen pair traded in a narrow range between 157.191 and 157.983, and during today’s Asian session, the yen has weakened to 158.414. Other yen crosses are also rising, and given the euro’s particularly sharp gains, investors should remain cautious ahead of economic data releases during European trading hours.

Today’s economic indicators include German industrial production, Turkish employment statistics, Turkish industrial production, and the Norwegian consumer price index at 4:00 PM; Hungarian industrial production at 4:30 PM; the French current account balance and trade balance at 4:45 PM; the U.S. MBA mortgage applications index at 9:00 PM; U.S. wholesale inventories at midnight;at 12:30 AM: U.S. weekly crude oil inventories; at 3:00 AM: U.S. 10-year Treasury auction; and at 5:15 AM: remarks by U.S. Federal Reserve Bank of New York President Williams. I intend to watch the situation carefully to see if the U.S. dollar, now the strongest currency, will continue to rise.

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