2025.07.17
[July 17] Dollar swings wildly on reports about Fed chair dismissal
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Recap of previous trading day (July 16)
Yesterday the USDJPY traded in the upper 148-yen range after hitting a high of 149.18 shortly after GMT 04:00.
During New York hours, reports emerged that President Trump might dismiss Fed Chair Jerome Powell in the near future, causing the USDJPY to plunge sharply. Around GMT 15:30, it reached a low of 146.90. After President Trump himself denied the reports, the decline halted, and trading for the day closed at 147.81.
Recap of the Tokyo market and outlook going forward
Today the USDJPY saw dollar buying return as the dismissal of Fed Chair Jerome Powell was officially denied, reaching a high of 148.66 around GMT 04:30, though it has since pulled back to the lower 148-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on July 17), it hasn't fully recovered from the sharp decline, with selling pressure remaining dominant. If it fails to break above the recent highs from here, it seems appropriate to maintain a downward perspective.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
The main economic indicators for today are as follows:
- GMT 12:30 U.S. June Retail sales
- GMT 12:30 U.S. June Retail sales (excluding autos)
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