All eyes are on whether the CPI will affect the upside potential of the rising U.S. dollar

All eyes are on whether the CPI will affect the upside potential of the rising U.S. dollar

10.10.2024

In yesterday’s U.S. currency markets, the dollar emerged as the strongest currency during U.S. trading hours, despite the release of the FOMC minutes revealing that a significant 50-basis-point rate cut had been supported by a majority of members.The EUR/USD pair fell from 1.0980 to 1.0935. It declined as it encountered resistance at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, it is in a downtrend along the 10-period MA, and on the daily chart, it has already broken below the 75-period MA support line.

European currencies rose against the yen as Germany’s August trade balance, released yesterday, came in at €22.5 billion—up from €16.8 billion the previous month—and exceeded market expectations.The EUR/JPY pair rose from 162.388 to 163.467, moving in line with the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 10-period MA is acting as support, while on the daily chart, the pair is in the process of breaking above the resistance line formed by the 200-period exponential moving average (EMA).

Today, at 8:50 AM, Japan’s domestic corporate goods prices and foreign/domestic securities investment will be released; at 3:00 PM, Norway’s consumer price index; at 4:00 PM, Turkey’s employment statistics and industrial production; at 8:30 PM, the ECB will publish the minutes of its Governing Council meeting; at 9:00 PM, Brazil’s retail sales;at 9:30 PM, U.S. Consumer Price Index and Initial Jobless Claims; at 10:15 PM, remarks by Fed Governor Cook; at 10:30 PM, remarks by Richmond Fed President Barkin; and at 2:00 AM, a U.S. 30-year Treasury auction. We will be watching closely to see if the CPI data changes the upside potential for the rising U.S. 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