Concerns over the upside potential of the U.S. dollar, which has emerged as the dominant force in the U.S. presidential election

Concerns over the upside potential of the U.S. dollar, which has emerged as the dominant force in the U.S. presidential election

06.11.2024

Yesterday, the U.S. dollar was the weakest currency in U.S. trading hours. The EUR/USD pair rose from 1.0871 to 1.0935, with prices moving along the +2σ line of the hourly Bollinger Bands. However, during today’s Asian trading hours, the U.S. dollar has strengthened on the back of preliminary results from the U.S. presidential election, causing the EUR/USD pair to plummet to 1.0702.

European currencies saw the Swiss franc rise against the yen following the release of Switzerland’s October employment statistics yesterday, which showed that the seasonally adjusted unemployment rate remained unchanged from the previous month at 2.6%. The CHF/JPY pair rose from 169.340 to 177.250. A rebound occurred from below the 20-period moving average (MA) on the hourly chart. Since a rebound has occurred upon touching the 20-period MA on the daily chart, we should keep an eye on whether the Swiss franc’s upward trend continues.

Today, the BOJ meeting minutes will be released at 8:50 a.m., German manufacturing orders at 4:00 p.m., the French non-manufacturing PMI at 5:50 p.m., the German non-manufacturing PMI at 5:55 p.m., the Eurozone non-manufacturing PMI at 6:00 p.m., and the UKConstruction PMI, at 7:00 PM the Eurozone Producer Price Index, at 9:00 PM the U.S. MBA Mortgage Applications Index, at 11:00 PM remarks by ECB President Lagarde, at 12:00 AM the Canadian Ivey Purchasing Managers’ Index, at 12:30 AM U.S. weekly crude oil inventories, and at 3:00 AM a U.S. 30-year Treasury auction.We must remain highly vigilant regarding the upside potential of the US dollar, which has emerged as the dominant force in the wake of the US presidential election.

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