Market participants are likely keeping a close eye on the upside potential of the U.S. dollar, which rose on the back of strong U.S. JOLTS job openings data.
12.03.2025
- U.S. Consumer Price Index
- Remarks by Nagel, President of the German Federal Bank
In the U.S. currency market yesterday, the U.S. dollar rose against the yen after the January JOLTS job openings report, released yesterday, came in at 7.74 million—exceeding market expectations of 7.67 million and rising from the previous month’s 7.6 million.The USD/JPY pair rose from 146.553 to 148.119. On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the price has recovered from the -2σ to the +2σ Bollinger Bands, and on the daily chart, the RSI has rebounded from the 30 level.
Among European currencies, the Swiss franc rose against the yen. The CHF/JPY pair traded between 166.808 and 168.272. Price action was seen straddling the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is rising while forming higher lows, and on the daily chart, it appears poised to break above the 20-period MA, which had previously acted as resistance. We will be watching price action during U.S. trading hours to see if the Swiss franc continues to strengthen against the yen.
Today’s key economic indicators include: Japan’s Q1 Business Sentiment Index (BSI) at 8:50 a.m., remarks by ECB President Lagarde at 5:45 p.m., the U.S. MBA Mortgage Applications Index at 8:00 p.m., the U.S. Consumer Price Index at 9:30 p.m., and the Bank of Canada’s policy rate decision and statement at 10:45 p.m.,remarks by German Bundesbank President Nagel, U.S. weekly crude oil inventories at 11:30 PM, a press conference by BOC Governor McClem at 1:00 AM, a U.S. 10-year Treasury auction at 2:00 AM, and the U.S. budget balance at 3:00 AM. We will be watching for upside potential in the U.S. dollar, which rose on the back of strong U.S. JOLTS job openings data.
Author: Keisuke Sakurai
