It remains to be seen whether there will be any changes in the back-and-forth movement of the euro against the U.S. dollar.

It remains to be seen whether there will be any changes in the back-and-forth movement of the euro against the U.S. dollar.

13.10.2022

Yesterday, the U.S. dollar strengthened against the weakening Japanese yen. The USD/JPY pair rose by about 1 yen, from 145.809 to 146.967. It surpassed the high reached before last month’s currency intervention, marking a 24-year high.Although the USD/JPY pair has risen to the 147-yen level, the price movement itself has been gradual rather than abrupt. Therefore, it will be worth watching whether today’s U.S. CPI release will drive the U.S. dollar even higher.

Among European currencies, the euro remained in a stalemate against the U.S. dollar. The EUR/USD pair traded within a range of just over 60 pips, between 0.9667 and 0.9732, resulting in a sideways market with no clear direction.During today’s Asian trading session, the pair has yet to show a clear direction and is currently seeking a trigger for a trend at the 61.8% Fibonacci retracement level on the 4-hour chart. Since the RSI on the daily chart has reversed, it will be worth watching to see if the pair rises as U.S. trading hours begin.

Today’s schedule includes the German Consumer Price Index at 15:00 Asia time, Swiss Producer Import Prices at 15:30, remarks by a member of the Bank of England’s Monetary Policy Committee (MPC) at 20:00 Europe time, remarks by German Bundesbank President Nagel at 21:00,During U.S. trading hours, U.S. initial jobless claims and the U.S. Consumer Price Index are scheduled for 21:30, U.S. weekly natural gas inventories at 23:30, U.S. weekly crude oil inventories at 24:00, and a U.S. 30-year Treasury bond auction at 26:00.We will be watching to see if there are any changes in the back-and-forth price movements of the euro against the U.S. dollar.