Market participants are likely to keep a close eye on the direction of the U.S. dollar, which has strengthened following remarks by a senior U.S. official

Market participants are likely to keep a close eye on the direction of the U.S. dollar, which has strengthened following remarks by a senior U.S. official

29.08.2024

In the previous day’s U.S. currency trading, the dollar rose after Atlanta Fed President Bostic stated, “We need to gather more data to support a rate cut in September.” While he acknowledged that the timing of a rate cut was appropriate, he left room for further consideration. The USD/JPY pair rose from 143.673 to 145.049, breaking above the 20-period moving average on the hourly chart.On the daily chart, the pair has not yet shifted to a downtrend below the 10-day moving average, so we will be watching price action during European trading hours.

European currencies saw the euro become the weakest currency during the transition from European to U.S. trading hours. The EUR/JPY pair fell while other yen crosses rose, dropping from 161.372 to 160.425. On the hourly chart, the 75-period moving average (MA) is acting as a resistance level, while on the 4-hour chart, the 20-period MA is functioning as a resistance line. On the other hand, since the daily chart is showing a lower wick, we will be watching closely to see if the euro recovers during U.S. trading hours.

Today’s schedule includes Japan’s Foreign and Domestic Securities Investment at 8:50, New Zealand’s ANZ Business Confidence Index at 10:00, Japan’s Consumer Sentiment Index at 14:00, the Eurozone’s Consumer Confidence Index at 18:00, South Africa’s Producer Price Index at 18:30, Germany’s Consumer Price Index at 21:00, and Canada’s Current Account Balance at 21:30,U.S. Real GDP, U.S. Wholesale Inventories, U.S. Initial Jobless Claims, U.S. Core PCE Deflator, U.S. Existing Home Sales at 11:00 PM, remarks by SNB Governor Jordan at 1:00 AM, and a U.S. 7-year Treasury auction at 2:00 AM. We will be closely monitoring the direction of the U.S. dollar, which has been firming on the back of remarks by U.S. officials.

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