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Should We Be Wary of Further Gains in the Euro, Which Is Rebounding?

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Should We Be Wary of Further Gains in the Euro, Which Is Rebounding?

09.05.2022

Today's Highlights
  1. France: Trade Balance
  2. Canada: Housing Construction Permit

Last weekend, the U.S. dollar turned lower against the euro after the nonfarm payrolls figure in the U.S. employment report came in below the previous reading at 428,000. The EUR/USD pair rebounded from 1.048 to 1.059. However, the rebound was short-lived, and the pair has since fallen back to 1.050 during today’s Asian trading session.From a technical perspective, the EUR/USD pair has tested the 1.047 support level—which has held over the past month—more than three times on the 4-hour chart, so traders should be wary of a break below this level should the pair continue to decline.

Among European currencies, the euro rose against both the U.S. dollar and the British pound, with the euro/pound pair climbing more than 90 pips from 0.850 to 0.859.The euro/pound pair continued its upward trend during today’s Asian trading session and is currently trading around 0.856. Additionally, since ECB Governing Council member Holzmann, Governor of the Austrian National Bank, stated last weekend that “up to three rate hikes should be implemented this year,” we should keep a close eye on the euro’s rise.

Today, we have France’s trade balance and current account balance scheduled for 15:45 European time, followed by Canadian housing permits at 21:30 U.S. time, remarks by MPC member Sanders at 22:00, and U.S. wholesale inventories (final reading) at 23:00.We will be closely monitoring how the euro reacts after these key events are digested.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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