Market participants may be waiting to see how much further the U.S. dollar can rise amid strong U.S. ADP data

Market participants may be waiting to see how much further the U.S. dollar can rise amid strong U.S. ADP data

03.10.2024

In U.S. trading yesterday, the U.S. dollar emerged as the strongest currency during U.S. trading hours after the September ADP employment report, released yesterday, showed a significant improvement from the previous month’s 99,000 to 143,000, surpassing market expectations of 121,000. The EUR/USD pair fell gradually from 1.1082 to 1.1032 and continues to decline during today’s Asian trading session.On the daily chart, prices have fallen to near last month’s lows, so we will be watching to see if the U.S. dollar strengthens further during European trading hours.

Among European currencies, the pound rose against the yen. The GBP/JPY pair climbed from 190.401 to 194.413, gaining 4 yen in a single day. On the 4-hour chart, the 200-day SMA is firmly acting as a support level, and the RSI, which had been trending downward on the daily chart, is turning upward again. We will be watching closely to see if the pound continues to strengthen against the yen during U.S. trading hours.

Today, at 10:30 AM, Australia’strade balance at 10:30, Turkey’s Consumer Price Index and Producer Price Index at 15:00, Switzerland’s Consumer Price Index at 15:30, France’s Non-Manufacturing PMI at 16:50, Germany’s Non-Manufacturing PMI at 16:55, the Eurozone’s Non-Manufacturing PMI at 17:00, the UK’s Non-Manufacturing PMI at 17:30, and the Eurozone’sProducer Price Index, 8:30 PM: US Challenger Layoffs, 9:30 PM: US Initial Jobless Claims, 10:45 PM: US PMI Purchasing Managers' Index, 11:00 PM: US Durable Goods Orders, US ISM Non-Manufacturing Index, and 11:40 PM: Remarks by Bostic, President of the Atlanta Fed.Given the strong US ADP report, we will cautiously monitor the upside potential of the rising US dollar.

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