Will the rising U.S. dollar be affected by comments from key figures? 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
- Japan: Manufacturing/Non-Manufacturing PMI
In the previous day’s U.S. currency trading, the U.S. dollar showed strength during U.S. trading hours, trailing only the Canadian dollar. The EUR/USD pair fell from 1.1546 to 1.1362, dropping back below 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 price is currently pulling back from the +2σ line of the Bollinger Bands. We will need to watch for signs of whether the US dollar’s strength will hold during US trading hours.
Among European currencies, the pound rebounded against the yen. GBP/JPY rose from 187.467 to 188.860. It recovered from the -2σ to the +3σ levels on 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 is acting as resistance, 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 UK public sector net borrowing at 3:00 PM, German manufacturing and non-manufacturing PMIs at 4:30 PM, Eurozone manufacturing and non-manufacturing PMIs and South African CPI at 5:00 PM, and UK manufacturing andNon-Manufacturing PMI, at 8:00 PM the US MBA Mortgage Applications Index, at 10:00 PM remarks by US Federal Reserve Bank of Chicago President Goolsbee, at 10:30 PM remarks by US Federal Reserve Bank of St. Louis President Musalem, at 2:15 AM remarks by UK Bank of England Governor Bailey, and at 3:00 AM the US Federal Reserve Beige Book.We should remain vigilant regarding price movements during U.S. trading hours to see if the rising U.S. dollar will shift course in response to these key speeches.
