Will the U.S. dollar, which has been strengthening in U.S. trading hours, see a shift following the release of the FOMC minutes? Watch for developments.
08.01.2025
- U.S. ADP Employment Report
- Remarks by Federal Reserve Board Member Waller
In the previous day’s U.S. currency trading, the U.S. dollar emerged as the strongest currency during U.S. trading hours. The USD/JPY pair traded between 157.390 and 158.416, with price action straddling the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, candlesticks have extended up to the +2σ level of the Bollinger Bands, while on the daily chart, the 10-period moving average is acting as a support level, with prices rebounding from it. We will be closely monitoring whether today’s release of the FOMC minutes causes the U.S. dollar to shift in value.
Among European currencies, the euro weakened against Oceania currencies. The EUR/AUD pair fell from 1.6644 to 1.6541. It pulled back after encountering resistance at the 200-period SMA on the hourly chart.On the 4-hour chart, the pair continues to hold above the 20-MA. The daily chart shows a similar price pattern to the 4-hour chart. It will be worth watching whether the euro rebounds against other currencies during European trading hours.
Today, at 16:00: German manufacturing orders and German retail sales; at 16:45: French trade balance; at 19:00: EurozoneProducer Price Index, at 9:00 PM the U.S. MBA Mortgage Applications Index, at 10:00 PM remarks by Fed Governor Waller, at 10:15 PM the U.S. ADP Employment Report, at 10:30 PM U.S. Initial Jobless Claims, at 12:00 AM U.S. Wholesale Inventories,at 24:30, U.S. weekly crude oil inventories; at 26:00, U.S. weekly natural gas inventories; at 27:00, a U.S. 30-year Treasury auction; and at 28:00, the release of the U.S. FOMC minutes.We’ll be watching closely to see if the U.S. dollar, which has been firm during U.S. trading hours, will shift direction following the release of the FOMC minutes.
Author: Keisuke Sakurai
