Investors should be on the lookout for price movements triggered by remarks from key figures in the U.S.

Investors should be on the lookout for price movements triggered by remarks from key figures in the U.S.

05.04.2024

In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen ahead of today’s U.S. employment report. The USD/JPY pair fell from 151.767 to 151.121.The decline continued during today’s Asian trading session, with the pair touching 150.810. On the 4-hour chart, the pair has already broken below the 75-period moving average (MA), and on the daily chart, the decline has halted as the 20-period MA is providing support; therefore, traders should pay close attention to comments from key officials during U.S. trading hours.

European currencies weakened as the euro lost ground toward the end of U.S. trading hours after the minutes of the European Central Bank (ECB) meeting released yesterday indicated that “the case for a rate cut is strengthening.” The euro/yen pair fell from 164.910 to 163.481, dropping below the 200-period simple moving average (SMA) on the hourly chart.On the 4-hour chart, the euro/yen has broken below the 20-period moving average (MA) and fallen to the 75-period MA. Although it remains above the 20-period MA on the daily chart, the RSI has dropped to 53, so traders should be wary of a downward move during European trading hours.

Today, at 9:30, Australia’s trade balance; at 14:00, Japan’s Leading Economic Index; at 15:00, Germany’s manufacturing orders, Germany’s import price index, and the UK’s Halifax house prices; and at 15:45, France’sIndustrial Production, and the French Manufacturing Production Index at 15:45; the UK Construction PMI at 17:30; Eurozone Retail Sales at 18:00; the Canadian Employment Report and the U.S. Employment Report at 21:30; U.S. Collins:Boston Fed President’s remarks; at 22:15, U.S. – Barkin: Richmond Fed President’s remarks; at 23:00, Canada – Ivey Purchasing Managers’ Index; at 24:00, U.S. – Logan:Remarks by the President of the Federal Reserve Bank of Dallas, and at 25:30, remarks by U.S. Federal Reserve Governor Bowman are scheduled. We should remain highly vigilant for price movements resulting from remarks by key figures during U.S. trading hours.