All eyes are on the future trajectory of the U.S. dollar following the rise triggered by the U.S. core CPI data

All eyes are on the future trajectory of the U.S. dollar following the rise triggered by the U.S. core CPI data

14.02.2024

In the U.S. currency market yesterday, the U.S. dollar emerged as the strongest currency after the January CPI, released yesterday, showed a year-over-year decline from 3.4% in the previous month to 3.1%, while the core CPI remained steady at 3.9%.The EUR/USD pair fell from 1.0799 to 1.0700, hitting a new low for the year. On the weekly chart, the RSI for EUR/USD is trending downward and has formed a bearish pattern, so caution is warranted regarding a continued decline.

In contrast to the rising USD/JPY, European currencies saw the CHF/JPY fall sharply. The CHF/JPY dropped from 170.876 to 169.398. While it avoided hitting a new low for the month, it still posted a significant decline of more than 1 yen. Since the CHF/JPY has already broken below the 20-day moving average on the daily chart and the RSI is trending downward, we should watch to see if the Swiss franc continues to weaken during European trading hours.

Today, at 6:45 AM, New Zealand’s Food Price Index; at 3:30 PM, India’s Wholesale Price Index; at 4:00 PM, the UK’s Consumer Price Index, UK Retail Sales, UK Producer Price Index, and Norway’s GDP; at 4:30 PM, Hungary’s GDP;at 7:00 PM: Eurozone GDP and Industrial Production; at 9:00 PM: U.S. MBA Mortgage Applications; at 12:00 AM: Canadian Consumer Sentiment Index and remarks by Bank of England Governor Bailey; at 12:30 AM: U.S. Weekly Crude Oil Inventories; and at 1:00 AM: Russian Consumer Price Index. We will be closely monitoring the future trajectory of the U.S. dollar, which rose following the release of the U.S. core CPI.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 13.04.2026

   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. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 09.04.2026

   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. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran