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We need to be on the lookout to see if the trend of selling the yen will continue on the last day of the month.

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We need to be on the lookout to see if the trend of selling the yen will continue on the last day of the month.

31.10.2022

Today's Highlights
  1. Germany: Retail Sales
  2. Dallas Fed Manufacturing Activity Index

Last weekend, the U.S. dollar index recovered slightly to 110.8, causing the EUR/USD pair to fall by approximately 70 pips from 0.9997 to 0.9926.The EUR/USD pair has paused its upward momentum and is trending lower since the ECB meeting last weekend, with prices falling as they retest the downtrend line that has been in place since February of this year. We will carefully monitor the situation to see if the decline continues down to the downtrend line level around 0.9849 before the pair rises again.

Among European currencies, the pound—which has been trending higher since new Prime Minister Sunak took office—rose against the yen. The GBP/JPY pair climbed from 168.858 to 171.337, marking a gain of approximately 2.4 yen and easily surpassing the key psychological level of 170.00.Furthermore, with cross-yen pairs generally rising during today’s Asian trading session, the pair hit 172.130, setting a new high for the year. We will be watching closely to see if GBP/JPY continues to climb amid yen selling during U.S. trading hours.

Today, during European trading hours, German retail sales will be released at 16:00, Swiss retail sales at 16:30, UK mortgage approvals, UK consumer credit balances, and UK mortgage-backed securities at 18:30, the Eurozone Consumer Price Index (flash estimate) at 19:00,the Eurozone’s third-quarter GDP at 18:30, and during U.S. trading hours, South Africa’s trade balance at 21:00, the U.S. Chicago Purchasing Managers’ Index at 22:45, and the U.S. Dallas Fed Manufacturing Activity Index at 23:30. We should remain vigilant to see if the trend of yen selling continues on the last day of the month.

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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