Should we keep an eye on the downside potential of the U.S. dollar, now the weakest currency?

Should we keep an eye on the downside potential of the U.S. dollar, now the weakest currency?

27.09.2024

In the U.S. currency market yesterday, the U.S. dollar weakened during U.S. trading hours after the August U.S. durable goods orders, released yesterday, fell sharply from 9.8% the previous month to 0.0%. GBP/USD rose from 1.3312 to 1.3435, surging from below the 20-period moving average on the hourly chart to above it.A similar price movement was observed on the 4-hour chart, and the RSI, which had been declining on the daily chart, swung back to just below 70.

Among European currencies, the euro rose against the U.S. dollar. The EUR/USD pair climbed from 1.1125 to 1.1189. The 200-period EMA on the hourly chart is acting as support, and the price has risen to the +3σ level of the Bollinger Bands. On the daily chart, the gradual upward trend along the 10-period MA continues, so it will be worth watching whether the euro makes further gains against the U.S. dollar during European trading hours.

Today’s schedule includes the Tokyo Metropolitan Area Consumer Price Index at 8:30, the Japan Leading Economic Index at 14:00, the French Consumer Price Index, French Producer Price Index, and French Consumer Spending at 15:45, the Turkish Trade Balance and Turkish Economic Confidence at 16:00, and the Germanunemployment rate, at 7:00 PM the UK CBI Retail Trade Survey, at 8:15 PM remarks by German Bundesbank President Nagel, at 9:30 PM Canadian GDP, US personal income, and US PCE deflator, at 10:30 PM remarks by US Federal Reserve Governor Kuehler, and at 11:00 PM the US University of Michigan Consumer Sentiment Index.We will be watching for further downside potential in the U.S. dollar, which has become the weakest currency.

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