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With tomorrow’s U.S. CPI release approaching, will there be a shift in the U.S. dollar’s price movement? All eyes are on the U.S. dollar.

Market Report

With tomorrow’s U.S. CPI release approaching, will there be a shift in the U.S. dollar’s price movement? All eyes are on the U.S. dollar.

14.05.2024

Today's Highlights
  1. Switzerland—Producer Import Prices
  2. UK Employment Statistics

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, rising to 156.293. On the 4-hour chart, the 20-period moving average (MA) is firmly acting as a support line, so we should watch for further gains during U.S. trading hours.

European currencies saw the euro rise against the yen yesterday, despite the release of Germany’s March current account balance, which fell to 27.6 billion euros from 29.8 billion euros the previous month.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 be closely monitoring whether the euro continues to rise against the yen.

Today’s schedule includes Japan’s Domestic Corporate 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 6:30 p.m., South African employment statistics; at 7:00 p.m., the U.S. NFIB Small Business Optimism Index; at 9:30 p.m., Canadian wholesale sales;U.S. Producer Price Index, remarks by Fed Governor Cook at 10:10 p.m., and remarks by Fed Chair Powell at 11:00 p.m. are scheduled. Ahead of tomorrow’s U.S. CPI release, we’ll first look to today’s PPI for signs of whether there will be any changes in the U.S. dollar’s price movements.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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