Will the U.S. dollar, which has been strengthening in U.S. trading hours, shift course due to comments from key officials?

Will the U.S. dollar, which has been strengthening in U.S. trading hours, shift course due to comments from key officials?

15.05.2025

In the previous day's U.S. currency trading, the U.S. dollar showed strength against the Japanese yen during U.S. trading hours.The EUR/USD pair fell from 1.1264 to 1.1164. A pullback occurred upon touching the 200-period SMA on the hourly chart. On the 4-hour chart, the 75-period MA is acting as a resistance level, and the pair is searching for direction just below the 200-period SMA. On the daily chart, the pair has already broken below the 20-period MA, which had previously served as support. We will be watching closely to see if the US dollar continues to strengthen against the euro.

European currencies fell against the yen after Germany’s April Harmonized Index of Consumer Prices (HICP), released yesterday, remained unchanged from the previous month at 2.2% year-on-year.After hitting a new high for the month, the euro/yen pair fell from 165.162 to 163.738. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the candlesticks have fallen from the +2σ to the -2σ levels of the Bollinger Bands, and on the daily chart, the RSI has dropped to 53.

Today’s schedule includes Japan’s foreign and domestic securities investment at 8:50, Australia’s employment statistics at 10:30, the UK’s real GDP, industrial production, manufacturing output, and trade balance at 15:00, the Eurozone’s real GDP at 18:00, and Canada’shousing starts, at 9:30 PM: US initial jobless claims, Canadian manufacturing sales, US Producer Price Index, and US NY Fed Manufacturing Index; at 9:40 PM: remarks by Fed Chair Powell; at 10:15 PM: US industrial production; and at 11:00 PM: US business inventories and the US NAHB Housing Market Index.We will be watching closely to see if the US dollar, which has been firming in US trading hours, will shift direction following these key speeches.