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Market Participants to Keep a Close Eye on the Direction of the U.S. Dollar, Which Has Strengthened Following Remarks by a Senior U.S. Official

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Market Participants 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

Today's Highlights
  1. South Africa: Producer Price Index
  2. U.S. Wholesale Inventories

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

Among European currencies, the euro became the weakest currency from European trading hours through U.S. trading hours. The euro/yen pair fell while other yen crosses rose.It fell from 161.372 to 160.425. On the hourly chart, the 75-period moving average (MA) is acting as a resistance zone, 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, Japan’s Foreign and Domestic Securities Investment data will be released at 8:50, followed by New Zealand’s ANZ Business Confidence Index at 10:00, Japan’s Consumer Sentiment Index at 14:00, and the Eurozone’sConsumer Confidence Index, at 18:30 South Africa’s Producer Price Index, at 21:00 Germany’s Consumer Price Index, at 21:30 Canada’s Current Account Balance, U.S. Real GDP, U.S. Wholesale Inventories,U.S. Initial Jobless Claims, U.S. Core PCE Deflator; at 23:00, U.S. Existing Home Sales Index; at 25:00, remarks by SNB Governor Jordan of Switzerland; and at 26:00, a U.S. 7-year Treasury auction are scheduled.We will be closely monitoring the direction of the U.S. dollar, which has been firming on the back of remarks by key U.S. officials.

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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