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With Strong U.S. JOLTS Data Supporting the Dollar, Should We Be Wary of Its Upside Potential?

Market Report

With Strong U.S. JOLTS Data Supporting the Dollar, Should We Be Wary of Its Upside Potential?

02.10.2024

Today's Highlights
  1. Japan Consumer Sentiment Index
  2. U.S. ADP Employment Figures

In the U.S. currency market yesterday, the U.S. dollar fluctuated against the yen after the August JOLTS job openings figure, released yesterday, was revised upward to 8.04 million—contrary to market expectations.USD/JPY traded between 142.981 and 144.515. Price action was seen straddling the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 200-period simple moving average (SMA) is positioned above as a resistance level, while on the daily chart, the RSI is showing a slight upward trend.

Among European currencies, the Swiss franc traded in a narrow range against the yen after Switzerland’s September manufacturing PMI, released yesterday, rebounded to 49.9 from 49.0 the previous month.The CHF/JPY pair traded between 169.427 and 170.660, finding support at the 200-period simple moving average (SMA) on the hourly chart. Similarly, on the 4-hour chart, price action remained just below the 200-period SMA, while on the daily chart, the pair is holding firm above the 20-period moving average (MA).

Today, Japan’s monetary base will be released at 8:50, the Japan Consumer Sentiment Index at 14:00, and France’s fiscal balance at 15:45;6:00 PM: Eurozone Employment Statistics; 8:00 PM: U.S. MBA Mortgage Applications Index; 9:00 PM: Brazil Industrial Production; 9:15 PM: U.S. ADP Employment Report; 10:00 PM: U.S. Hammack:Cleveland Fed President’s remarks; at 23:30, U.S. weekly crude oil inventories; at 24:00, U.S. Fed Governor Bowman’s remarks; at 25:00, Russia’s employment statistics; and at 25:15, U.S. Richmond Fed President Barkin’s remarks are scheduled.With strong U.S. JOLTS data providing a solid floor for the dollar, we should remain highly vigilant regarding its upside potential.

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. He specializes in technical and fundamental analysis, drawing on his extensive experience.

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