Market participants are keeping a close eye on whether the U.S. dollar, which has been weakening against the euro, can recover

Market participants are keeping a close eye on whether the U.S. dollar, which has been weakening against the euro, can recover

26.03.2024

In yesterday’s U.S. currency trading, the U.S. dollar fell against the euro. The EUR/USD pair rose from 1.0801 to 1.0842. It climbed from just below the 20-period moving average (MA) on the hourly chart to just below the 75-period MA. On the 4-hour chart, the EUR/USD rebounded from the -2σ line of the Bollinger Bands to the centerline, and a similar price movement was observed on the daily chart.As the upward trend continues into today’s Asian session, we will be watching to see if the US dollar weakens during European trading hours.

Among European currencies, the Swiss franc was the weakest during U.S. trading hours. The USD/CHF pair rose from 0.8964 to 0.8999, breaking above the 20-period moving average on the hourly chart.On the 4-hour chart, the upward trend continues, supported by the 75-period moving average, and on the daily chart, an uptrend along the +2σ line of the Bollinger Bands is evident. We will keep a close eye on whether the Swiss franc continues to weaken.

Today’s schedule includes the Australian Westpac Consumer Confidence Index at 8:30, the Japanese Corporate Service Price Index at 8:50, Singapore’s Industrial Production at 14:00, the German GfK Consumer Confidence Survey at 16:00, Hong Kong’s Trade Balance at 17:30, Brazil’s Broad Consumer Price Index at 21:00, and U.S. Durable Goods Orders at 21:30,at 10:00 PM the US Housing Price Index, at 10:00 PM the US S&P Case-Shiller Home Price Index, the announcement of Hungary’s policy rate and statement, at 11:00 PM the US Richmond Fed Manufacturing Index and the US Consumer Confidence Index, and at 2:00 AM the US 5-year Treasury auction. We will carefully assess the resilience of the US dollar, which has been weakening against the euro.