Investors should keep an eye on the movement of the U.S. dollar following the decline in new home sales in the U.S.

Investors should keep an eye on the movement of the U.S. dollar following the decline in new home sales in the U.S.

24.05.2024

In the U.S. currency market the previous day, the U.S. dollar rose against the yen despite the release of U.S. April new home sales figures, which fell to 634,000 from 693,000 the previous month.USD/JPY rose from 156.521 to 157.187. The 20-period moving average (MA) on the hourly chart provided support at the lower end, driving the price higher. On the 4-hour chart, the price continues to rise along the 10-period MA, and on the daily chart, the RSI stands at 60, indicating room for further movement. Therefore, traders should pay close attention to price fluctuations during U.S. trading hours.

European currencies saw the pound fall against the yen after yesterday’s release of the UK’s May Manufacturing PMI, which improved to 51.3 from 49.1 the previous month, while the Services PMI deteriorated to 52.9 from 55.0. The GBP/JPY pair fell from 199.890 to 199.017, pulling back after hitting a new high for the month.On the 4-hour chart, the 20-day moving average is acting as support, and on the daily chart, the RSI is just below 70, so traders should be wary of a corrective move.

Today’s key economic indicators include the UK GfK Consumer Confidence Index at 8:01, Japan’s National Consumer Price Index at 8:30, UK Retail Sales, Germany’s Q1 GDP, and Sweden’s Producer Price Index at 15:00, remarks by SNB Governor Jordan at 16:45, and at 18:15, remarks byremarks by German Bundesbank President Nagel, at 9:30 PM Canadian retail sales and U.S. durable goods orders, at 10:20 PM remarks by U.S. Federal Reserve Governor Waller, and at 11:00 PM the U.S. University of Michigan Consumer Sentiment Index. Keep an eye on the movement of the U.S. dollar following the decline in U.S. new home sales.

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