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With the U.S. dollar strengthening on the back of strong U.S. economic indicators, attention is turning to its upside potential

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With the U.S. dollar strengthening on the back of strong U.S. economic indicators, attention is turning to its upside potential

16.08.2024

Today's Highlights
  1. New Zealand Producer Price Index
  2. Switzerland: Industrial Production

In the U.S. currency market yesterday, the U.S. dollar rose immediately after the release of U.S. July retail sales data, which showed a rise to 1.0% from 0.0% the previous month.The USD/JPY pair rose from 147.048 to 149.393. The 75-period moving average (MA) on the hourly chart acted as a support level, leading to a strong, sharp rally. On the 4-hour chart, the pair broke above the 75-period MA after trading just below the 20-period MA, and on the daily chart, the price has broken above the 10-period MA with a real body candle.

Among European currencies, the Swiss franc weakened against the Japanese yen during U.S. trading hours. The USD/CHF pair rose from 0.8640 to 0.8748. It surged sharply as the 20-period moving average (MA) on the hourly chart provided support at the lower end.On the 4-hour chart, the pair has also begun rising from the 20-period moving average, and on the daily chart, it has surged rapidly from the 10-period moving average to just below the 20-period moving average. We will need to keep a close eye on price movements during European trading hours to see if the Swiss franc will continue to weaken against the U.S. dollar.

Today’s economic indicators include the New Zealand Producer Price Index at 7:45, Japan’s Foreign and Domestic Securities Investment at 8:50, Malaysia’s Current Account Balance at 13:00,3:00 PM UK Retail Sales, 3:30 PM Switzerland Industrial Production, 6:00 PM Eurozonetrade balance, at 21:15: Canada’s housing starts, at 21:30: U.S. housing starts, at 23:00: U.S. University of Michigan Consumer Sentiment Index, and at 26:25: remarks by U.S. Federal Reserve Bank of Chicago President Goolsbee.We will closely monitor the upside potential of the U.S. dollar, which has been firm on the back of strong U.S. economic indicators for July.

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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