Will the U.S. dollar, which has risen against the euro, be able to hold its gains? We’ll have to wait and see.

Will the U.S. dollar, which has risen against the euro, be able to hold its gains? We’ll have to wait and see.

10.06.2024

Last weekend, the U.S. dollar emerged as the strongest currency following the release of the U.S. May employment report, which showed increases in nonfarm payrolls and average hourly earnings.The EUR/USD pair fell from 1.0901 to 1.0800. It broke below the 200-day SMA after trading above the 20-day MA on the hourly chart. On the 4-hour chart, it has weakened to a level matching the recent low from two weeks ago, and on the daily chart, it is positioned just below the 200-day EMA.

Among European currencies, the pound rose against the yen. The GBP/JPY pair rose from 198.396 to 199.805, briefly breaking above the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, it is trading above the 20-period moving average (MA), and on the daily chart, it is rebounding with the 20-period MA acting as support. Since the daily RSI is also showing signs of a rebound from its decline, we should keep an eye on the pound’s upward movement during European trading hours.

Today’s economic indicators include Japan’s balance of payments and second preliminary estimate of first-quarter GDP at 8:50 a.m., Malaysia’s industrial production at 1:00 p.m., Japan’s Economic Watchers Survey at 2:00 p.m., Norway’s consumer price index at 3:00 p.m., Turkey’s employment statistics, industrial production, and current account balance at 4:00 p.m.,at 6:30 PM, remarks by Nagel, President of the German Federal Bank; and at 2:00 AM, a U.S. 3-year Treasury auction. We will carefully monitor the situation to see if the U.S. dollar, which has risen against the euro, can maintain its current high levels.

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