All eyes are on whether the U.S. dollar, which has been strengthening ahead of the FOMC meeting, will continue to rise

All eyes are on whether the U.S. dollar, which has been strengthening ahead of the FOMC meeting, will continue to rise

30.07.2024

In yesterday’s U.S. trading session, the U.S. dollar strengthened. The USD/JPY pair rose from 152.992 to 154.348, rebounding to just above the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is trading just below the 20-period MA, while on the daily chart, it has rebounded with the 200-period exponential moving average (EMA) acting as support. We will be watching price movements during U.S. trading hours to see if this rebound in the U.S. dollar will continue to rise, potentially coinciding with end-of-month flows.

Among European currencies, the euro weakened against the U.S. dollar.The EUR/USD pair fell by just over 60 pips, from 1.0869 to 1.0820. It dropped from the 200-period EMA on the hourly chart to the -3σ line of the Bollinger Bands. On the 4-hour chart, the price has fallen just below the 200-period SMA, and the daily chart shows a similar price movement. We will need to watch the price action during European trading hours to see if the euro continues to weaken against the US dollar.

Today’s economic indicators include Japan’s employment statistics at 8:30, Australia’s housing construction permits at 10:30, France’s real GDP and consumer spending at 14:30, Switzerland’s KOF Leading Index at 16:00, Germany’s second-quarter GDP at 17:00, the Eurozone’s consumer confidence index at 18:00, and the Eurozone’sBusiness Sentiment, 9:00 PM for Germany’s Consumer Price Index, 9:00 PM for Mexico’s Q2 GDP, 10:00 PM for the U.S. Housing Price Index and the U.S. S&P Case-Shiller Home Price Index, and 11:00 PM for the U.S. JOLTS Job Openings. With the U.S. dollar showing strength ahead of the FOMC meeting, we will be watching closely to see if it continues to rise.

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