With tomorrow’s U.S. CPI release approaching, all eyes are on the U.S. dollar to see if there will be any changes in its price movements

With tomorrow’s U.S. CPI release approaching, all eyes are on the U.S. dollar to see if there will be any changes in its price movements

14.05.2024

In the U.S. currency market yesterday, the U.S. dollar rose during U.S. trading hours ahead of today’s release of the U.S. Producer Price Index (PPI). The USD/JPY pair rose after U.S. Treasury Secretary Yellen stated that a cautious stance should be taken regarding currency intervention by major countries. It broke through the key 156 yen level from 155.504 and rose to 156.293.On the 4-hour chart, the 20-period moving average (MA) is firmly acting as a support level, so we should watch for further gains during U.S. trading hours.

Despite the release of Germany’s March current account balance yesterday, which fell to €27.6 billion from €29.8 billion the previous month, the euro rose against the yen.The EUR/JPY pair rose from 167.505 to 168.668. A band walk along the +2σ line of the hourly Bollinger Bands was observed. On the 4-hour chart, a trend is developing along the 10-period moving average (MA). We will keep a close eye on whether the euro continues to rise against the yen.

Today’s schedule includes Japan’s domestic corporate goods price index at 8:50, Germany’s consumer price index, the UK’s ILO unemployment rate, and the UK’s employment statistics at 15:00, Switzerland’s producer import prices at 15:30, remarks by MPC member Pill at 16:30, and Germany’sZEW Economic Sentiment Index, and the Eurozone ZEW Economic Sentiment Index at 6:00 PM; South African Employment Statistics at 6:30 PM; the U.S. NFIB Small Business Optimism Index at 7:00 PM; Canadian Wholesale Sales and the U.S. Producer Price Index at 9:30 PM; remarks by U.S. Federal Reserve Governor Cook at 10:10 PM; and remarks by U.S. Federal Reserve Chair Powell at 11:00 PM.Ahead of tomorrow’s U.S. CPI release, we’ll be watching today’s PPI data for any signs of a shift in the U.S. dollar’s price action.

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