Will the U.S. dollar strengthen or remain cautious following remarks by key figures?
02.04.2024
- U.S. Manufacturing Orders Index
- Mester (U.S.): Remarks by the President of the Cleveland Federal Reserve Bank
In yesterday’s U.S. currency trading, the U.S. dollar rose during U.S. trading hours after the March ISM Manufacturing PMI, released yesterday, rebounded to 50.3 from the previous month’s 47.8, returning to the benchmark level of 50. The dollar also gained against the Japanese yen, which had been firm. The USD/JPY pair rose from 151.206 to 151.785.Following yesterday’s rise, USD/JPY is now just shy of this year’s high of 152 yen. We will be watching closely to see if the US dollar continues to rise while maintaining this momentum.
Among European currencies, the euro fell sharply against the U.S. dollar.The EUR/USD pair fell from 1.0798 to 1.0731. The hourly RSI fell below the oversold level of 30, dropping to 18. On the 4-hour chart, the EUR/USD RSI is also below 30, currently at 25. On the daily chart, the price has fallen to the -2σ level of the Bollinger Bands, so we need to watch closely to see if it finds support at the recent low of 1.0694.
Today’s schedule includes the release of the RBA meeting minutes at 9:30 AM, UK Nationwide house prices at 3:00 PM, Swiss retail sales at 3:30 PM, Swiss manufacturing PMI at 4:30 PM, UK manufacturing PMI and money supply at 5:30 PM, South African manufacturing PMI at 6:00 PM, and at 9:00 PM, the GermanCPI, at 11:00 PM U.S. JOLTS Job Openings and U.S. Manufacturing Orders, at 11:10 PM remarks by U.S. Federal Reserve Governor Bowman, at 1:00 AM remarks by U.S. New York Fed President Williams, and at 1:05 AM remarks by U.S. Cleveland Fed President Mester. We will closely monitor price movements to see if the U.S. dollar strengthens in response to these key speeches.
