Attention is focused on whether the U.S. dollar, which has been weakening against the euro, can rebound
26.03.2024
- Richmond Fed Manufacturing Index (U.S.)
- U.S. Consumer Confidence Index
In the U.S. currency market yesterday, 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 pair rebounded from the -2σ Bollinger Band to the centerline, and a similar price movement is evident on the daily chart as well. As the upward trend continues into today’s Asian session, we will be watching to see if the U.S. dollar weakens during the European session.
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 (MA) 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 be watching closely to see if the Swiss franc continues to weaken.
Today, the Australian Westpac Consumer Confidence Index is scheduled for 8:30, the Japanese Corporate Service Price Index for 8:50, Singapore’s Industrial Production for 14:00, the German GfK Consumer Confidence Survey for 16:00, Hong Kong’s Trade Balance for 17:30,at 9:00 PM, Brazil’s Broad Consumer Price Index; at 9:30 PM, U.S. Durable Goods Orders; at 10:00 PM, U.S. Housing Price Index; at 10:00 PM, U.S. S&P Case-Shiller Home Price Index; Hungary’s policy rate announcement and statement;at 23:00, the U.S. Richmond Fed Manufacturing Index and U.S. Consumer Confidence Index; and at 26:00, a U.S. 5-year Treasury auction is scheduled. We will carefully assess the resilience of the U.S. dollar, which has been weakening against the euro.
Author: Keisuke Sakurai
