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Will the weakening U.S. dollar rebound? All eyes are on price movements at the start of the week.

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Will the weakening U.S. dollar rebound? All eyes are on price movements at the start of the week.

21.10.2024

Today's Highlights
  1. UK LightMove Housing Prices
  2. Philippines: Industrial Production

Last weekend, the U.S. dollar weakened against the yen after the U.S. September housing starts figure, released on the 18th, fell to 1.354 million from 1.356 million the previous month. The USD/JPY pair fell from 150.278 to 149.363.The price broke below the 75-period moving average (MA) on the hourly chart. On the 4-hour chart, the price has crossed below the 20-period MA from above, and on the daily chart, it has rebounded from the 50% Fibonacci retracement level starting from July 1 of this year.

European currencies saw the pound rise against the U.S. dollar after the UK’s September retail sales figures, released on the 18th, showed a year-over-year increase of 3.9%, up from 2.5% the previous month.The GBP/USD pair rose from 1.2298 to 1.3070, rebounding to just below the 200-period EMA on the hourly chart. On the 4-hour chart, the price has moved from below the 20-period MA to above it, and on the daily chart, the RSI has risen from 36 to 42.

Today’s schedule includes the UK RightMove House Price Index at 8:01, China’s Prime Lending Rate at 10:00, Germany’s Producer Price Index at 15:00, the Philippines’ Industrial Production at 17:00, and at 21:15, U.S. Logan:remarks by the President of the Dallas Fed, at 23:00 the U.S. Leading Economic Index, at 23:30 Turkey’s central government debt, at 24:30 the U.S. 6-month Treasury bill auction, and at 26:00 remarks by Kashkari, President of the Minneapolis Fed.We’ll be watching the price action at the start of the week to see if the weakening U.S. dollar will rebound.

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. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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All eyes are on whether the U.S. dollar, which has become the strongest currency in the U.S., will maintain its strength
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