Will the U.S. dollar weaken following the release of U.S. employment data? All eyes are on the market direction.

Will the U.S. dollar weaken following the release of U.S. employment data? All eyes are on the market direction.

02.08.2024

In the previous day’s U.S. currency trading, the dollar fluctuated against the yen. The USD/JPY pair traded between 148.510 and 150.883, with price action straddling the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, resistance near the 10-period moving average has weighed on the upside, and on the daily chart, the RSI has fallen to 19. Since the monthly candle for July, which has now closed, broke below the 10-period moving average support line, we should pay close attention to price action at the start of the month.

Among European currencies, the Swiss franc emerged as the strongest. While other yen crosses faced resistance, the CHF/JPY pair rose slightly, rebounding from 169.482 to 172.193. On the 4-hour chart, it is trading just below the 10-period moving average. On the daily chart, it is positioned just below the 200-period simple moving average, and the market is now testing whether it will find support there. We will be watching to see if the Swiss franc shows further strength during European trading hours.

Today’s schedule includes Japan’s monetary base at 8:50, Australia’s producer price index at 10:30, Switzerland’s consumer price index at 15:30, France’s industrial production and fiscal balance at 15:45,at 4:30 PM, the Swiss Manufacturing PMI; at 8:15 PM, remarks by MPC member Pill; at 9:00 PM, Mexican employment data and Brazilian industrial production; at 9:30 PM, U.S. employment data; at 11:00 PM, U.S. manufacturing new orders and U.S. durable goods orders; and at 1:00 AM, remarks by Barkin, President of the Richmond Fed.We will be watching for any signs of the US dollar weakening following the US employment report.

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