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Should We Focus on the Upside Potential of the Euro, Now the World’s Strongest Currency?

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Should We Focus on the Upside Potential of the Euro, Now the World’s Strongest Currency?

16.09.2022

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. European Consumer Price Index

In U.S. trading yesterday, the Canadian dollar fell against the yen. The CAD/JPY pair dropped by just under 100 pips, from 109.164 to 108.376.During today’s Asian trading session, the pair continues to test lower levels and has already fallen to 107.917. Since the CAD/JPY pair has entered a “vacuum zone” with no support on the 4-hour chart, traders should be on guard for a significant decline during U.S. trading hours.

Among European currencies, the euro rose against the pound, with the EUR/GBP pair climbing from 0.8642 to 0.8720.It also hit a new high for the year during today’s Asian trading session, touching 0.8728. On the 4-hour chart, the 75-period moving average is providing support, and with the daily RSI having some breathing room just below 70, we should watch for further upside following a brief pullback.

Today’s schedule includes UK retail sales at 15:00 during Asian trading hours; remarks by ECB President Lagarde at 17:30 during European trading hours; the Eurozone Consumer Price Index at 18:00; the Turkish Housing Price Index at 20:30; and the Canadianhousing starts, at 21:30 during U.S. trading hours: Canadian wholesale sales and Canadian international securities trading volume, at 23:00: the U.S. University of Michigan Consumer Sentiment Index (preliminary), and at 29:00: U.S. securities investment in the U.S.We’ll be keeping an eye on the upside potential of the euro, which has become the strongest currency.

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 with a particular focus on foreign exchange markets, and also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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