We need to be on high alert to see if remarks by key figures will cause any changes in the U.S. dollar’s movement.

We need to be on high alert to see if remarks by key figures will cause any changes in the U.S. dollar’s price movements.

03.12.2024

In yesterday's U.S. currency trading, the U.S. dollar rose against the euro. The EUR/USD pair fell from 1.0567 to 1.0462, breaking below the support line of the 200-period simple moving average (SMA) on the hourly chart. 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-period moving average (MA), 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, which fell to 1.4% year-on-year from 2.2% the previous month, and the November manufacturing data, released on the same day, 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 on the hourly chart.On the 4-hour chart, the downward slope is even more pronounced, with the price trending lower along the 10-period moving average.

Today’s schedule includes Australia’s Q3 current account balance at 9:30, Switzerland’s CPI at 16:30, Hungary’s final GDP at 16:30, France’s budget balance at 16:45, Brazil’s IPC-Fipe CPI at 17:00, South Africa’s GDP at 18:00,at 9:00 PM, Brazil’s GDP; at 12:00 AM, the 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 these key speeches will cause any shifts in the U.S. dollar’s price movements.