Market participants are keeping a close eye on the upside potential of the U.S. dollar, which has been surging on the back of strong U.S. employment data

Market participants are keeping a close eye on the upside potential of the U.S. dollar, which has been surging on the back of strong U.S. employment data

08.04.2024

Last weekend, the U.S. dollar rose following the release of the U.S. March employment report on the 5th, which showed the unemployment rate rising from 5.8% the previous month to 6.1%, while nonfarm payrolls increased from 275,000 to 303,000.The EUR/USD pair fell from 1.0847 to 1.0791, breaking below the 20-period moving average (MA) on the 4-hour chart. Since it has fallen below the 200-period simple moving average (SMA) support line on the daily chart, traders should watch for potential upside momentum in the U.S. dollar during European trading hours.

European currencies rose against the yen as the euro gained ground following the release of February’s Eurozone retail sales data last weekend, which showed a year-on-year decline of 0.7%, an improvement from the previous month’s 1.0% drop.The EUR/JPY pair rose from 163.474 to 164.437, breaking above the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 75-period MA is acting as support, and the pair is rising again, so we will be watching to see if the euro strengthens during U.S. trading hours.

Today’s economic indicators include Japan’s balance of payments at 8:50, Malaysia’s industrial production at 13:00, Japan’s Economic Watchers Survey at 14:00, Switzerland’s employment statistics at 14:45, Germany’s industrial production and trade balance at 15:00,at 4:00 PM: Turkey’s Industrial Production and the Philippines’ BSP Overnight Lending Rate; at 10:00 PM: Israel’s Policy Rate; at 12:15 AM: Remarks by SNB Governor Jordan of Switzerland; at 12:30 AM: Remarks by MPC Member Breeden of the UK; and at 8:00 AM the following day: Remarks by Kashkari, President of the Minneapolis Fed.We will closely monitor the upside potential of the US dollar, which has been surging on the back of strong US employment data.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed