Market participants are likely to keep a close eye on the downside potential of the U.S. dollar following the release of U.S. PPI data

Market participants are likely to keep a close eye on the downside potential of the U.S. dollar following the release of U.S. PPI data

13.09.2024

In yesterday’s U.S. currency trading, the U.S. dollar fell slightly against the yen after the August U.S. Producer Price Index (PPI) released yesterday showed a year-over-year increase of 1.7%, down from 2.2% the previous month, while the core index (excluding food and energy) remained at 2.4%. The USD/JPY pair fell from 143.039 to 141.720, declining from the vicinity of the 75-period moving average on the hourly chart.On the daily chart, the pair is facing resistance at the 10-day moving average, so traders should pay close attention to price movements during U.S. trading hours.

Among European currencies, the pound rose slightly against the yen. The GBP/JPY pair rose from 185.278 to 186.728. Price action was observed crossing the 20-period moving average on the hourly chart. On the 4-hour chart, the price rebounded from the -2σ line of the Bollinger Bands, and similar price action was seen on the daily chart. We will need to carefully assess whether the pound will find support during European trading hours.

Today’s economic indicators include Japan’s industrial production at 1:30 p.m., remarks by German Bundesbank President Nagel at 1:50 p.m., France’s consumer price index at 3:45 p.m., and the Eurozone’sIndustrial Production at 18:30, remarks by ECB President Lagarde at 18:30, Canadian Wholesale Sales and U.S. Import/Export Price Index at 21:30, Canadian Capacity Utilization at 21:30, and the University of Michigan Consumer Sentiment Index at 23:00. We will closely monitor the downside potential for the U.S. dollar, which fell following the release of the U.S. PPI.

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