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Should We Keep an Eye on the U.S. Dollar's Movements Following the Decline in New Home Sales?

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Should We Keep an Eye on the U.S. Dollar's Movements Following the Decline in New Home Sales?

24.05.2024

Today's Highlights
  1. UK Retail Sales
  2. University of Michigan Consumer Sentiment Index

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 showed a decline from 693,000 units the previous month to 634,000 units.The USD/JPY pair 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 there is 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.GBP/JPY fell from 199.890 to 199.017, pulling back after hitting a new high for the month. On the 4-hour chart, the 20-period 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 economic indicators include the UK GfK Consumer Confidence Index at 8:01, Japan’s National Consumer Price Index at 8:30, UK Retail Sales and Germany’s Q1 GDP at 15:00,Sweden’s Producer Price Index; at 16:45, remarks by SNB Governor Jordan of Switzerland; at 18:15, remarks by German Bundesbank President Nagel; at 21:30, Canada’s Retail Sales,U.S. Durable Goods Orders, remarks by U.S. Federal Reserve Governor Waller at 10:20 p.m., and the U.S. University of Michigan Consumer Confidence Index at 11:00 p.m. are scheduled. Keep an eye on the movement of the U.S. dollar following the decline in U.S. new home sales.

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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