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All eyes are on whether the U.S. dollar—now the weakest currency—will react to remarks by key officials

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All eyes are on whether the U.S. dollar—now the weakest currency—will react to remarks by key officials

28.05.2024

Today's Highlights
  1. Additional Costs and Raw Material Prices
  2. UK CBI Retail Sales

In the previous day’s U.S. currency markets, the U.S. dollar was the weakest currency. The USD/JPY pair saw subdued price action amid gains in other yen crosses, trading in a narrow range between 156.659 and 156.975.On the hourly chart, the price is fluctuating around the 75-period moving average (MA), while the 4-hour chart shows a price decline from just below the 20-period MA. Meanwhile, on the daily chart, the price continues to trade above the 10-period MA. We will be watching closely to see if the U.S. dollar loses momentum during U.S. trading hours.

European currencies saw the euro rise slightly against the U.S. dollar after Germany’s May IFO Business Climate Index, released yesterday, rose to 89.3 from 89.4 the previous month. The euro/dollar pair rose from 1.0839 to 1.0867.The price rose while finding support at the 75-period moving average (MA) on the hourly chart. On the 4-hour chart, it is rising steadily with support from the 20-period MA, and on the daily chart, the 200-period simple moving average (SMA) is acting as a support level; therefore, we will be watching price movements closely as we approach the end of the month.

Today’s economic indicators include Japan’s Business Services Price Index at 8:50, Australia’s Retail Sales at 10:30, Norway’s Retail Sales at 15:00, Sweden’s Trade Balance at 15:00,7:00 PM: France’s Unemployment Rate and the UK’s CBI Retail Sales; 9:30 PM: Canada’s Raw Material Prices; 10:00 PM: the U.S. S&P/Case-Shiller Home Price Index; 11:00 PM: the U.S. Consumer Confidence Index;at 23:30: U.S. Dallas Fed Manufacturing Activity Index; at 24:30: U.S. 2-year Treasury auction and remarks by MPC member Haskell; and at 26:05: remarks by Fed Governor Cook.We will carefully monitor whether the U.S. dollar—which has become the weakest currency—will react to these remarks from key officials.

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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