Will remarks by key figures cause the U.S. dollar's support level to shift? Caution is advised.
13.06.2024
- UK RICS House Price Index
- Remarks by U.S. Treasury Secretary Yellen
In the previous day’s U.S. currency trading, the U.S. dollar became the weakest currency despite the FOMC revising its outlook downward to “approximately one rate cut this year.”The EUR/USD pair rose by approximately 120 pips from 1.0733 to 1.0851. It recovered from below the 20-period moving average (MA) on the hourly chart to above it. While it has broken above the 200-period simple moving average (SMA) on the 4-hour chart, it has not yet managed to break out from below the 20-period MA on the daily chart.
European currencies saw the euro rise against the yen, despite yesterday’s release showing that Germany’s April current account balance fell to 25.9 billion euros from 27.6 billion euros the previous month.The EUR/JPY pair rose from 168.551 to 169.584. The rise followed the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is finding support at the 200-period exponential moving average (EMA), and on the daily chart, the upward trend continues without breaking below the recent low. Therefore, it will be worth watching to see if the euro will rise further during U.S. trading hours.
Today’s schedule includes the UK RICS House Price Index at 8:01, Japan’s Business Sentiment Index (BSI) and Japan’s Foreign and Domestic Securities Investment data at 8:50, Australia’sEmployment Report, at 12:30 Thailand’s Consumer Confidence Index, at 15:30 Switzerland’s Producer Import Prices, at 18:00 Eurozone Industrial Production, at 21:00 Brazil’s Retail Sales,at 21:30: U.S. Initial Jobless Claims and U.S. Producer Price Index; at 25:00: Remarks by U.S. Treasury Secretary Yellen and remarks by U.S. Federal Reserve Bank of New York President Williams; and at 26:00: U.S. 30-Year Treasury Bond Auction.We will carefully assess whether remarks by key officials will affect the downside of the U.S. dollar.
Author: Keisuke Sakurai
