Will the market wait and see where the U.S. dollar is headed following Fed Chair Powell’s remarks?
15.11.2024
- Collins (U.S.): Remarks by the President of the Boston Federal Reserve Bank
- 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 crossed above the 20-period moving average (MA) on the hourly chart. 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 the UK’s third-quarter GDP, industrial production, and manufacturing output at 4:00 p.m.; Switzerland’s Producer Price Index at 4:30 p.m.; France’s Consumer Price Index at 4:45 p.m.; Canada’s wholesale sales and U.S. retail sales at 10:30 p.m.;U.S. New York Fed Manufacturing Index, at 11:00 PM: Canadian Existing Home Sales and U.S. 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.
Author: Keisuke Sakurai
