All eyes are on whether the release of U.S. CPI data will cause significant shifts in currency strength

All eyes are on whether the release of U.S. CPI data will cause significant shifts in currency strength

11.07.2024

In yesterday’s U.S. trading session, the U.S. dollar rose against the yen ahead of today’s U.S. CPI release. The USD/JPY pair rose from 161.246 to 161.803. The rally was supported by the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is trading above the 10-period MA, and on the daily chart, the 10-period MA is acting as support, leading to a rebound. Therefore, we should remain vigilant for significant price movements following the U.S. CPI release.

Among European currencies, the Swiss franc fell against the U.S. dollar. The USD/CHF pair rose from 0.8964 to 0.9001. It rebounded from below the 20-period moving average (MA) on the hourly chart to above it. On the 4-hour chart, the 200-period simple moving average (SMA) is acting as a support level, while on the daily chart, the pair is rebounding off the 200-period exponential moving average (EMA). We will be watching closely to see if the Swiss franc continues to weaken against the U.S. dollar.

Today’s schedule includes the UK RICS House Price Index at 8:01, Japan’s Machinery Orders at 8:50, Germany’s Consumer Price Index and the UK’s Monthly GDP, Industrial Production, and Trade Balance at 15:00, Germany’s Consumer Price Index at 20:00, South Africa’s Manufacturing Orders at 21:00,at 9:30 PM, the US Consumer Price Index and Initial Jobless Claims; at 11:30 PM, remarks by Bostic, President of the Atlanta Fed; at 2:00 AM, the US 30-year Treasury auction; and at 7:30 AM the following day, the NZ Manufacturing PMI. We will be closely watching to see if the release of the US CPI causes significant shifts in currency strength.

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