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Should we be on alert for possible changes in the U.S. dollar’s price movements following remarks by key figures?

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Should we be on alert for possible changes in the U.S. dollar’s price movements following remarks by key figures?

03.12.2024

Today's Highlights
  1. Goolsbee (U.S.): Remarks by the President of the Chicago Fed
  2. Brazil's IPC-Fipe Consumer Price Index

In the U.S. currency market yesterday, the U.S. dollar rose against the euro. The EUR/USD pair fell from 1.0567 to 1.0462, breaking below the support line formed by the 200-period simple moving average (SMA) on the hourly chart. Additionally, on the 4-hour chart, the pair is seen declining along the -2σ line of the Bollinger Bands.On the daily chart, the pair has pulled back after touching the 20-day moving average, so we will be watching for a continued rise in the U.S. dollar during European trading hours.

European currencies saw the Swiss franc weaken against the yen after yesterday’s release of Swiss October retail sales data showed a year-over-year decline from 2.2% the previous month to 1.4%, and the November manufacturing data released on the same day also came in below market expectations.The CHF/JPY pair fell from 170.338 to 168.226, forming a downtrend along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the downward slope is even more pronounced, with the pair continuing to decline along the 10-period MA.

Today, at 9:30, Australia’s third-quarter current account balance; at 16:30, Switzerland’s Consumer Price Index; at 16:30, Hungary’s final GDP figures; at 16:45, France’s budget balance;at 5:00 PM, Brazil’s IPC-Fipe Consumer Price Index; at 6:00 PM, South Africa’s GDP;at 9:00 PM, Brazil’s GDP; at 12:00 AM, U.S. JOLTS job openings; at 2:35 AM, remarks by U.S. Federal Reserve Governor Kugler; and at 5:45 AM, remarks by U.S. Chicago Fed President Goolsbee.We should remain vigilant to see if remarks by key officials will cause any shifts in the U.S. dollar’s price movements.

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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