Will the U.S. dollar, which fell on the back of weak U.S. employment data, recover? Or should we remain cautious?

Will the U.S. dollar, which fell on the back of weak U.S. employment data, recover? Or should we remain cautious?

11.03.2024

Last weekend, the U.S. dollar became the weakest currency immediately after the release of the U.S. February employment report on the 9th, as the unemployment rate worsened by 0.2 percentage points from 3.7% the previous month to 3.9%.GBP/USD rose from 1.2801 to 1.2891, forming an uptrend along the 10-period moving average (MA) on the hourly chart. However, with the RSI reaching 79 on the 4-hour chart and the daily chart showing six consecutive bullish candles, traders should be cautious of a potential US dollar rebound.

European currencies fell against the yen as Germany’s January industrial production, released on the 8th, deteriorated year-on-year from a 3.0% decline in the previous month to a 5.5% decline.The EUR/JPY pair fell from 162.168 to 160.602. On the 4-hour chart, the pair has fallen in a straight line down to the -3σ Bollinger Band, and with the RSI hovering around 42, traders should be wary of a continued decline during European trading hours.

Today’s key economic indicators include Japan’s GDP and money supply at 8:50 a.m., Japan’s machine tool orders at 3:00 p.m., Norway’s consumer price index and Turkey’s employment statistics at 4:00 p.m., and remarks by a member of the Bank of England’s Monetary Policy Committee and a U.S. 3-year Treasury auction at 2:00 a.m. We need to watch closely to see if the U.S. dollar, which fell following the release of weaker U.S. employment data, will recover.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 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

4. 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?

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 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?

8. 08.04.2026

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

9. 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

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed