All eyes are on whether the weakened U.S. dollar will rebound

All eyes are on whether the weakened U.S. dollar will rebound

24.01.2025

In the U.S. currency market yesterday, the dollar weakened against the euro after the number of new U.S. unemployment insurance claims, released yesterday, rose slightly from the previous reading of 217,000 to 223,000.The EUR/USD pair rose from 1.0372 to 1.0437. On the hourly chart, the price has moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the 200-period simple moving average (SMA) has shifted from a resistance line to a support level. Meanwhile, on the daily chart, the pair is currently in the process of setting a new high for the month.

Among European currencies, the pound traded sideways against the yen. The GBP/JPY pair fluctuated between 192.273 and 192.996. The market lacked direction, hovering around the 20-period moving average on the hourly chart. On the 4-hour chart, the uptrend continues, supported by the 10-period moving average, while on the daily chart, the pair has rebounded from the -3σ line of the Bollinger Bands.

Today’s schedule includes Japan’s Consumer Price Index at 8:30, Singapore’s Industrial Production at 14:00, a press conference by Bank of Japan Governor Ueda at 15:30, France’s Manufacturing/Non-Manufacturing PMI at 17:15, Germany’s Manufacturing/Non-Manufacturing PMI at 17:30, the Eurozone’s Manufacturing/Non-Manufacturing PMI at 18:00, and the UK’s Manufacturing/Non-Manufacturing PMI at 19:00, remarks by ECB President Lagarde at 23:45, U.S. Manufacturing/Non-Manufacturing PMI at 24:00, U.S. Existing Home Sales at 24:00, and the University of Michigan Consumer Sentiment Index. We will be watching closely to see if the weakened U.S. dollar will rebound.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed