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

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

11.07.2024

Today's Highlights
  1. U.S. Consumer Price Index
  2. Germany's Consumer Price Index

In yesterday’s U.S. currency trading, 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 rise 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 moving average (MA), and on the daily chart, the 10-MA is acting as support, leading to a rebound. Therefore, we should remain vigilant for the possibility of 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, rebounding 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 at 15:00, and the UK’sIndustrial Production, UK Trade Balance, and German Consumer Price Index; at 20:00, South African Manufacturing Orders; at 21:00, Brazilian Retail Sales;at 21:30, the U.S. Consumer Price Index and U.S. Initial Jobless Claims; at 23:30, remarks by Bostic, President of the Atlanta Fed; at 26:00, a U.S. 30-year Treasury auction; and at 7:30 the following day, the New Zealand Manufacturing PMI.We will be watching closely to see if the release of the U.S. CPI causes significant shifts in currency strength.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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