Will the rising U.S. dollar be affected by remarks from key officials? Market participants are on alert for price movements during U.S. trading hours.
23.04.2025
- U.S. – Musalem: Remarks by the President of the St. Louis Federal Reserve Bank
- Germany: Manufacturing/Non-Manufacturing PMI
In the U.S. currency market the previous day, the U.S. dollar strengthened slightly behind the Canadian dollar during U.S. trading hours. The EUR/USD pair fell from 1.1546 to 1.1362, moving back down from above the 20-period moving average on the hourly chart.On the 4-hour chart, the RSI fell from 77 to 43. On the daily chart, the pair is currently pulling back from the +2σ level of the Bollinger Bands. We’ll need to keep an eye on the direction of the market to see if the U.S. dollar maintains its strength during U.S. trading hours.
Among European currencies, the pound rebounded against the yen. The GBP/JPY pair rose from 187.467 to 188.860, recovering from the -2σ to +3σ levels of the hourly Bollinger Bands.On the 4-hour chart, the pair has been trading around the mid-188 yen level for about a week, while on the daily chart, the 20-day moving average (MA) is acting as a resistance level, preventing the pair from reaching new highs. We will be watching to see if the pound weakens during today’s U.S. trading session and resumes its downward trend.
Today’s schedule includes the UK Public Sector Net Lending at 15:00, the German Manufacturing/Non-Manufacturing PMI at 16:30, the Eurozone Manufacturing/Non-Manufacturing PMI and South Africa’s Consumer Price Index at 17:00, and the UK Manufacturing/Non-Manufacturing PMI, at 20:00 the U.S. MBA Mortgage Applications Index, at 22:00 remarks by U.S. Chicago Fed President Goolsbee, at 22:30 remarks by U.S. St. Louis Fed President Musalem,St. Louis Fed President Musalem’s remarks at 22:30, UK: Bank of England Governor Bailey’s remarks at 26:15, and US: Federal Reserve Beige Book at 27:00. We should remain vigilant regarding price movements during US trading hours to see if the rising US dollar will be affected by these key figures’ remarks.
