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 not shown a clear direction and is currently looking for a trigger to start 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, during Asian trading hours, the German Consumer Price Index will be released at 15:00 and Swiss Producer Import Prices at 15:30; during European trading hours, a speech by a member of the Bank of England’s Monetary Policy Committee (MPC) is scheduled for 20:00, followed by a speech 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 9:30 p.m., U.S. weekly natural gas inventories at 11:30 p.m., U.S. weekly crude oil inventories at midnight, and a U.S. 30-year Treasury auction at 2:00 a.m.We will be watching to see if there are any changes in the back-and-forth price action of the euro against the U.S. dollar.