Will market participants be on guard for any changes in the U.S. dollar’s support level following remarks by key figures?

Will market participants be on guard for any changes in the U.S. dollar’s support level following remarks by key figures?

13.06.2024

Despite the U.S. Federal Open Market Committee (FOMC) revising its outlook downward to suggest "only about one rate cut this year," the U.S. dollar was the weakest currency the previous day.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.

Despite the release yesterday of Germany’s April current account balance, which fell to €25.9 billion from €27.6 billion the previous month, the euro rose against the yen.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 200-period exponential moving average (EMA) is providing support on the downside, and on the daily chart, the upward trend continues without breaking the recent low. Therefore, we will be watching to see if the euro continues to rise 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 at 8:50, Australia’s Employment Report at 10:30, Thailand’s Consumer Confidence Index at 12:30, Switzerland’s Producer Import Prices at 15:30, and the Eurozone’sIndustrial Production, at 21:00 the Brazilian Retail Sales, at 21:30 the 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 the U.S. 30-year Treasury auction.We will closely monitor whether these key speeches will shift the downside support for the U.S. dollar.

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