Will the firm U.S. dollar react to the release of economic indicators during U.S. trading hours, or will the market remain on the sidelines?

Will the firm U.S. dollar react to the release of economic indicators during U.S. trading hours, or will the market remain on the sidelines?

27.06.2024

In yesterday’s U.S. currency trading, the U.S. dollar strengthened from European to U.S. trading hours. The USD/JPY pair rose by approximately 120 pips, from 159.615 to 160.866, hitting a new high for the year. The USD/JPY has entered an uptrend along the 10-period moving average (MA) on the hourly chart, and similar price action was observed on the 4-hour chart. On the daily chart, the RSI is just below 70, so traders should watch for corrective price movements during European trading hours.

European currencies fell against the U.S. dollar after Germany’s GfK Consumer Confidence Index for July, released yesterday, dropped to -21.8 from -20.9 the previous month. The EUR/USD pair fell from 1.0717 to 1.0665, with prices moving along the 20-period moving average (MA) on the hourly chart.Similarly, on the 4-hour chart, prices have fallen below the 20-period moving average, and on the daily chart, the 10-period moving average is acting as a resistance level.

Today, at 8:50 AM, Japan’s domestic and foreign securities investment data will be released; at 10:00 AM, New Zealand’s ANZ Business Confidence Index; at 6:00 PM, the Eurozone Consumer Confidence Index, Eurozone Economic Sentiment, and the Bank of England’s Financial Stability Report; at 6:30 PM, remarks by Bank of England Governor Bailey; at 8:00 PM, the Central Bank of Turkey’s (TCMB) policy rate and statement;at 9:00 PM, Mexico’s trade balance; at 9:30 PM, U.S. initial jobless claims, U.S. wholesale inventories, U.S. real GDP, and U.S. durable goods orders; at 11:00 PM, U.S. existing home sales; and at 2:00 AM, a U.S. 7-year Treasury auction. I intend to monitor price levels closely to see if the firm U.S. dollar will shift in response to these U.S. economic indicators.

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