Will the market wait and see how the dollar moves ahead of the U.S. CPI release?

Will the market wait and see how the dollar moves ahead of the U.S. CPI release?

10.09.2024

In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen ahead of tomorrow’s U.S. CPI release. The USD/JPY pair rose from 141.963 to 143.795. It rebounded from the -2σ to the +2σ levels of the hourly Bollinger Bands. On the 4-hour chart, the pair has already returned to the Bollinger Band midline, and on the daily chart, the RSI has recovered to 37.Ahead of tomorrow’s U.S. CPI release, we should first pay close attention to comments from key officials during U.S. trading hours.

European currencies weakened, with the euro losing ground against the U.S. dollar ahead of today’s German CPI release. The euro/dollar pair fell from 1.1090 to 1.1030, entering a downtrend along the 10-period moving average (MA) on the hourly chart. On the 4-hour chart, the price has dropped to near the 200-period exponential moving average (EMA), and on the daily chart, it has already broken below the 20-period MA. We will need to monitor the direction closely to see if the euro continues to weaken against the U.S. dollar.

Today’s schedule includes New Zealand Manufacturing Activity at 7:45, Japan’s Money Supply at 8:50, Australia’s Westpac Consumer Confidence Index at 9:30, the Philippines’ Trade Balance at 10:00, Australia’s NAB Business Conditions Index at 10:30, Malaysia’s Industrial Production at 13:00,at 3:00 PM: Norway’s Consumer Price Index, Germany’s Consumer Price Index, the UK’s ILO Unemployment Rate, and the UK’s Employment Statistics; at 4:00 PM: Turkey’s Industrial Production; at 8:00 PM: South Africa’s Manufacturing Output; at 9:10 PM: Remarks by BOC Governor Macklem; and at 11:00 PM: Remarks by Fed Governor Barr.I intend to carefully monitor the USD’s price movements on the day before the U.S. CPI release.

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