Efie! The US Dollar dey struggle small for forex market inside, and e be because of some new data wey come out. We dey talk about claims for unemployment and PPI (Producer Price Index) data. E be like say the jobs market no dey strong like before, and dat dey affect how people dey see the dollar.
Wetin Dey Happen to the Dollar?
After the release of the weaker PPI data and higher initial and continuing claims for unemployment, the USD take ein own fall. Dis dey show sey the jobs market dey change, e no be like how e be before. Especially when you look at the continuing claims data, you go see sey e dey go up. Even though the initial claims no break ein normal range since 2022, e still dey push higher.
Key Currency Pairs: How Dem Dey Move?
- EURUSD: E dey go higher, reach levels wey we no see since 2021! Next target dey around 1.1683 – 1.16916. Buyers dey in charge for dis one.
- USDJPY: E fall below some important moving averages (100 and 200 bar MA) on the 4-hour chart. E dey look like e go reach support around 143.57. If e break dat one too, next support dey around 142.10 and 142.347.
- GBPUSD: E reach new high for the year, and new high since February 2022. Next target dey around 1.36445. If e pass dat one, traders go dey look at 1.37683.
- USDCHF: E dey move towards the low of a swing level wey we see around April 2025. Dat area dey between 0.8097 and 0.81288. If e break dat one, next target go be the low for 2025 at 0.80389.
So, if you dey trade forex for Ghana inside, make you keep eye open on these movements! The USD dey go through some changes, and e important to know how e dey affect the different currency pairs. Make you do your research well and trade smart!
What's Next?
People dey expect the PCE (Personal Consumption Expenditures) number to come out later today. Because the CPI (Consumer Price Index) wey dem release yesterday weak too, some people believe the PCE number go be good. Experts dey put all dis data inside demma models to see what go happen next.