Market participants remain cautious about the direction of the U.S. dollar amid U.S. employment data and comments from key officials
06.12.2024
- University of Michigan Consumer Sentiment Index
- Goolsbee (U.S.): Remarks by the President of the Chicago Fed
In the previous session, the U.S. dollar saw a seesawing trend against the yen. The USD/JPY pair traded between 149.662 and 150.732. Price action straddled the 20-period moving average (MA) on the hourly chart. Similarly, on the 4-hour chart, price action lacked direction just below the 20-period MA, while on the daily chart, the pair is currently facing resistance at the 200-period simple moving average (SMA).
Among European currencies, the euro rose against the U.S. dollar. The EUR/USD pair climbed from 1.0504 to 1.0587. The pair showed an upward move from the 20-period moving average on the hourly chart. On the 4-hour chart, the RSI rose from 39 to 69, and on the daily chart, the RSI has similarly returned to the midline. We will need to keep an eye on comments from key officials during U.S. trading hours to see if the euro will continue to rise against the weakening U.S. dollar.
Today, at 2:00 PM, Japan’s Leading Economic Index; at 4:00 PM, Germany’s Industrial Production, Germany’s Trade Balance, and the UK’s Halifax House Price Index; at 4:45 PM, France’s Trade Balance and Current Account;at 7:00 PM, the Eurozone Q3 GDP; at 10:30 PM, the Canadian Employment Report and the U.S. Employment Report; at 11:15 PM, remarks by Fed Governor Bowman; at 12:00 AM, the Canadian Ivey PMI and the University of Michigan Consumer Sentiment Index; and at 12:30 AM, remarks by Chicago Fed President Goolsbee.We should remain highly vigilant regarding the direction of the U.S. dollar in light of the U.S. employment report and remarks by key officials.
Author: Keisuke Sakurai
