All eyes are on whether the falling U.S. dollar will react to remarks by key officials
07.03.2025
- Remarks by U.S. President Trump
- Remarks by Nagel, President of the German Federal Bank
In U.S. currency markets yesterday, the U.S. dollar weakened during U.S. trading hours after the U.S. January trade balance—released yesterday—worsened from a deficit of $98.4 billion the previous month to a deficit of $131.4 billion. The USD/JPY pair fell from 149.339 to 147.329.The pair rebounded after touching the 75-period moving average on the hourly chart. On the 4-hour chart, the candlesticks fell to the -2σ level of the Bollinger Bands, and the daily chart showed a similar price movement to the 4-hour chart.
European currencies fell against the yen after the ECB announced a 0.25% rate cut yesterday, in line with market consensus.The euro/yen pair fell from 161.232 to 159.124. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price is declining, retesting just below the 200-period simple moving average (SMA), and on the daily chart, it is pulling back after hitting a new high for the month.
Today’s economic indicators include German manufacturing orders and UK Halifax house prices at 16:00; remarks by ECB President Lagarde and German Bundesbank President Nagel at 18:30; Canadian and U.S. employment reports at 22:30; andat 24:15, remarks by U.S. Federal Reserve Governor Bowman; at 24:45, remarks by U.S. Federal Reserve Governor Williams:remarks by New York Fed President Williams, at 26:20 remarks by U.S. Federal Reserve Governor Kugler, at 26:30 remarks by U.S. Federal Reserve Chair Powell, and at 27:30 remarks by U.S. President Trump. We will be closely watching to see if the remarks from these key figures will cause any shifts in the declining U.S. dollar.
