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Should We Keep an Eye on the U.S. Dollar's Movements as the U.S. Core PPI Year-Over-Year Rate Fell by 0.2 Points?

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Should We Keep an Eye on the U.S. Dollar's Movements as the U.S. Core PPI Year-Over-Year Rate Fell by 0.2 Points?

15.01.2024

Today's Highlights
  1. Europe: Industrial Production
  2. Retail and Wholesale Price Index

Last weekend, the U.S. dollar weakened against all currencies as the U.S. December Producer Price Index (PPI), released on the 12th, rose 0.1 percentage points year-over-year from the previous month’s 0.9% to 1.0%, andand the year-over-year core rate fell from 2.0% the previous month to 1.8%, the U.S. dollar weakened against all currencies. The USD/JPY pair fell from 145.562 to 144.354.The decline halted upon touching the 200-period SMA on the hourly chart. However, as the Dollar Index has recovered to 102.4, we should keep a close eye on price movements during European trading hours.

European currencies saw the euro fall against the yen after France’s December Consumer Price Index (CPI), released last Friday, remained unchanged from the previous month at 3.7% year-over-year.The euro/yen pair fell from 159.570 to 158.545. On the higher-timeframe weekly chart, the euro/yen has retraced from the -2σ Bollinger Band to the 20-day moving average (MA) centerline, so we will closely monitor whether the euro recovers against the yen at the start of the week.

Today’s economic indicators include Japan’s M2 money supply at 8:50, the UK’s Rightmove House Price Index at 9:00, Indonesia’s trade balance at 13:00, and India’sWholesale Price Index at 1:00 PM, Sweden’s Consumer Price Index at 4:00 PM, Eurozone Industrial Production and Trade Balance at 7:00 PM, Israel’s Unemployment Rate at 8:00 PM, and Canada’s Wholesale Sales and Manufacturing Sales at 10:30 PM.We will carefully monitor the movement of the U.S. dollar following the 0.2-point year-over-year decline in the U.S. core PPI.

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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