Will the rising U.S. dollar react to comments from key figures, or will the market remain on the sidelines?

Will the rising U.S. dollar react to comments from key figures, or will the market remain on the sidelines?

16.04.2025

In the U.S. currency market yesterday, the U.S. dollar rose against the euro after the April New York Fed Manufacturing Index, released yesterday, improved to -8.1 from -20.0 the previous month.The EUR/USD pair fell from 1.1378 to 1.1264. On the hourly chart, the price moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price has pulled back from the +2σ line of the Bollinger Bands, and on the daily chart, a corrective decline is observed following three consecutive days of gains.

Among European currencies, the Swiss franc was the weakest toward the end of U.S. trading hours. The CHF/JPY pair fell from 175.781 to 173.685. It dropped from the +2σ to the -2σ levels on the hourly Bollinger Bands. On the 4-hour chart, it temporarily broke below the 20-day moving average (MA), which had been providing support, and on the daily chart, the RSI has pulled back from 74. We will need to closely monitor whether the Swiss franc continues to weaken during today’s European trading session.

Today’s schedule includes Japan’s machinery orders at 8:50, Australia’s Westpac Leading Economic Index at 9:30, the UK’s Consumer Price Index and Retail Price Index at 15:00, the Eurozone’s current account balance at 17:00,at 6:00 PM, the Eurozone Consumer Price Index; at 8:00 PM, the US MBA Mortgage Applications Index and South African Retail Sales; at 9:30 PM, US Retail Sales; at 10:15 PM, US Industrial Production; at 10:45 PM, the Bank of Canada (BOC) policy rate announcement and statement; at 11:00 PM, US Business Inventories;U.S. NAHB Housing Market Index, 11:30 PM: Canada’s BOC Governor Macklem press conference, U.S. weekly crude oil inventories, and 2:30 AM: U.S. Fed Chair Powell’s remarks. I want to closely monitor the market direction to see if the rising U.S. dollar will shift in response to these key figures’ statements.