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Will the market wait and see which direction the U.S. dollar takes following Fed Chair Powell’s remarks?

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Will the market wait and see which direction the U.S. dollar takes following Fed Chair Powell’s remarks?

15.11.2024

Today's Highlights
  1. Collins (U.S.): Remarks by the President of the Boston Federal Reserve Bank
  2. UK Industrial Production

In the previous day’s U.S. currency trading, the U.S. dollar rose against the yen after Federal Reserve Chair Powell stated that “the economy is not signaling a need to accelerate the pace of rate cuts,” emphasizing that the economy is moving toward the 2% inflation target while noting that the Fed can carefully assess the pace of rate cuts.The USD/JPY exchange rate rose from 155.321 to 156.416, marking the fourth consecutive day of yen weakness and dollar strength.

Despite the fact that the EU’s September industrial production figures, released yesterday, showed a year-over-year decline of 2.8%—down from the previous month’s 0.1% increase—the euro rose against the yen.The euro/yen pair rose from 163.805 to 164.979. It moved from below the 20-period moving average (MA) on the hourly chart to above it. On the 4-hour chart, the pair is rising with support from the 200-period simple moving average (SMA), and on the daily chart, it is currently attempting to break through the resistance line formed by the 200-period SMA.

Today’s schedule includes UK Q3 GDP, UK Industrial Production, and UK Manufacturing Output at 16:00; the Swiss Producer Price Index at 16:30; the French Consumer Price Index at 16:45; and Canadian Wholesale Sales and U.S. Retail Sales at 22:30,US New York Fed Manufacturing Index, at 11:00 PM: Canadian Existing Home Sales and US Collins:Boston Fed President’s remarks; at 23:15, U.S. Industrial Production and U.S. Capacity Utilization; at 24:00, U.S. Business Inventories; and at 27:15, U.S. Williams: NY Fed President’s remarks are scheduled.We will carefully assess the direction of the U.S. dollar, which rose following remarks by Federal Reserve Chair Powell.

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 with a particular focus on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous Article

With the euro-dollar exchange rate hitting a new low for the year and approaching last year’s low, investors should be wary of further downside potential.

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Should We Keep an Eye on the Swiss Franc’s Potential to Rebound?
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