Market participants are likely to closely monitor currency strength and weakness following the release of economic indicators in the U.S.

Market participants are likely to closely monitor currency strength and weakness following the release of economic indicators in the U.S.

31.07.2024

In U.S. trading yesterday, the Canadian dollar weakened against the yen. The CAD/JPY pair fell from 112.096 to 110.189, dropping to the -2σ level of the hourly Bollinger Bands. On the 4-hour chart, the RSI has fallen to 30, and on the daily chart, the pair has already broken below the 200-day moving average support line; therefore, we should be on guard for further weakness during U.S. trading hours.

Despite the fact that Germany’s July consumer price index, released yesterday, rose 0.1 percentage points year-on-year to 2.3% from the previous month’s 2.2%, the euro weakened against the U.S. dollar.The EUR/USD pair fell from 1.0835 to 1.0797. It faced resistance at the 75-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair has pulled back from the 20-period MA, and on the daily chart, it is searching for direction—whether to rebound or extend its decline—just below the 200-period simple moving average (SMA).

Today’s schedule includes Japan’s Industrial Production at 8:50, New Zealand’s ANZ Business Confidence at 10:00, Australia’s Q2 Consumer Price Index and Retail Sales at 10:30, Germany’s Import Price Index at 15:00, France’s Consumer Price Index and Producer Price Index at 15:45, Turkey’s Trade Balance at 16:00,at 4:55 PM: Germany’s unemployment rate; at 6:00 PM: Eurozone’s Consumer Price Index; at 9:15 PM: U.S. ADP Employment Report; at 9:30 PM: Canada’s GDP; at 10:45 PM: U.S. Chicago PMI; at 3:00 AM: U.S. FOMC interest rate decision and statement; and at 3:30 AM: U.S. Fed Chair Powell’s press conference.We should carefully assess currency strength and weakness based on these economic indicator releases 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