Watch for any shifts in currency strength following Fed Chair Powell’s congressional testimony

Watch for any shifts in currency strength following Fed Chair Powell’s congressional testimony

09.07.2024

In the U.S. currency market yesterday, the U.S. dollar rose against the yen. The USD/JPY pair climbed from 160.260 to 161.117. On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the 75-period MA is acting as support, while on the daily chart, the price has rebounded after touching the 10-period MA. Since the weekly chart has shown four consecutive bullish candles, traders should watch for price movements triggered by comments from key officials during U.S. trading hours.

Among European currencies, the euro rose against the U.S. dollar.The EUR/USD pair rose from 1.0801 to 1.0845. The price moved above the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 20-period MA is acting as a support level, while on the daily chart, price fluctuations are occurring near the +2σ level of the Bollinger Bands. On the weekly chart, both the RSI and Bollinger Bands are centered, so we will be watching closely to see if comments from key figures during U.S. trading hours will shift the market’s direction.

Today’s economic indicators include the Australian Westpac Consumer Confidence Index at 9:30, the Philippine unemployment rate at 10:00, the Australian NAB Business Conditions Index at 10:30, Japanese machine tool orders at 15:00, Taiwan’s trade balance at 17:00, the U.S. NFIB Small Business Optimism Index at 19:00,at 9:00 PM: Mexico Consumer Price Index; at 10:15 PM: Remarks by U.S. Fed Vice Chair Bar; at 11:00 PM: Congressional testimony by U.S. Fed Chair Pאוة and U.S. Treasury Secretary Yellen; at 2:00 AM: U.S. 3-year Treasury auction; and at 2:30 AM: Remarks by U.S. Fed Chair Bowman.We should watch for any shifts in currency strength due to the overlapping key speeches during U.S. trading hours.

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