Market participants are likely keeping a close eye on the downside potential of the weakening U.S. dollar
03.04.2025
- U.S. PMI (Purchasing Managers' Index)
- Canada · International Trade in Goods
In yesterday's U.S. currency trading, the U.S. dollar fell against the euro.The EUR/USD pair rose from 1.0781 to 1.0923. The hourly RSI surged to 77. On the 4-hour chart, a band walk along the +3σ line of the Bollinger Bands was observed, and on the daily chart, the pair is rising with momentum approaching last month’s high. Furthermore, as the US dollar remains weak during today’s Asian trading session, we will be watching for further gains in the EUR/USD pair.
Among European currencies, the euro rose against the yen. The EUR/JPY pair climbed from 161.104 to 164.156, breaking through the +3σ line on the hourly Bollinger Bands. On the 4-hour chart, the pair has rebounded with the 200 EMA acting as support, and on the daily chart, it has broken above the resistance line formed by the 200 SMA. We will need to monitor price movements during U.S. trading hours to see if the euro’s upward trend continues.
Today's economic indicators include Japan's foreign and domestic securities investment at 8:50, Australia'strade balance at 9:30, Germany’s non-manufacturing PMI at 16:55, the Eurozone’s services PMI at 17:00, the UK’s services PMI at 17:30, the Eurozone’s producer price index at 18:00, the U.S. Challenger job cuts and the ECB meeting minutes at 20:30, and the U.S. initial jobless claims and trade balance,Canada’s International Merchandise Trade, at 10:45 PM the U.S. PMI Purchasing Managers’ Index, at 11:00 PM the U.S. ISM Non-Manufacturing Index, and at 1:30 AM remarks by U.S. Federal Reserve Vice Chair Jefferson are scheduled. We will be watching for further downside potential in the weakening U.S. dollar.
Author: Keisuke Sakurai
