All eyes are on whether the U.S. dollar, now the weakest currency, will react to comments from key officials

All eyes are on whether the U.S. dollar, now the weakest currency, will react to comments from key officials

28.05.2024

In the previous day’s U.S. currency market, the U.S. dollar was the weakest currency.While other yen crosses rose, USD/JPY saw quiet trading, fluctuating within a narrow range between 156.659 and 156.975. On the hourly chart, the price is fluctuating around the 75-period moving average (MA), and on the 4-hour chart, a decline is observed 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 US dollar loses momentum during US 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 EUR/USD pair rose from 1.0839 to 1.0867. Prices were pushed higher while finding support at the 75-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair 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 line, so we will be watching price movements closely as we approach the end of the month.

Today’s economic indicators include the Japan Corporate Service Price Index at 8:50, Australian Retail Sales at 10:30, Norwegian Retail Sales at 15:00, Swedish Trade Balance at 15:00, French Unemployment Rate and UK CBI Retail Sales at 19:00, and Canadian Raw Material Prices at 21:30,22:00: US S&P/Case-Shiller Home Price Index, 23:00: US Consumer Confidence Index, 23:30: US Dallas Fed Manufacturing Activity Index, 24:30: US 2-Year Treasury Auction, UK MPC Member Haskell’s remarks, and 26:05: US Federal Reserve Governor Cook’s remarks.We will watch carefully to see if the U.S. dollar, which has become the weakest currency, will react to these key figures’ remarks.

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