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 dropped from 151.767 to 151.121. The decline continued into today’s Asian session, with the pair touching 150.810. On the 4-hour chart, the pair has already broken below the 75-day moving average (MA), while on the daily chart, the decline has halted as the 20-day MA provides support. Therefore, traders should pay close attention to comments from key officials during U.S. trading hours.

European currencies weakened as the ECB meeting minutes released yesterday indicated that "the case for a rate cut is strengthening," causing the euro to weaken toward the end of U.S. trading hours. The EUR/JPY 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 pair has broken below the 20-period moving average (MA) and has fallen to the 75-period MA.Although the pair remains above the 20-day moving average on the daily chart, the RSI has fallen to 53, so caution is warranted regarding a potential downward move during European trading hours.

Today’s schedule includes Australia’s trade balance at 9:30, Japan’s Leading Economic Index at 14:00, Germany’s manufacturing orders and import price index, and the UK’s Halifax house price index at 15:00, followed by France’sIndustrial Production, and the French Manufacturing Production Index; at 5:30 PM, the UK Construction PMI; at 6:00 PM, Eurozone Retail Sales; at 9:30 PM, the Canadian Employment Report, the US Employment Report, and remarks by Collins,Remarks by Boston Fed President Collins, 10:15 PM: Remarks by Richmond Fed President Barkin, 11:00 PM: Canadian Ivey PMI, 12:00 AM: Remarks by Dallas Fed President Logan, 1:30 AM: Remarks by Fed Governor Bowman. Be on high alert for price movements triggered by key figures’ remarks during U.S. trading hours.