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All eyes are on whether the resurgent trend of yen buying will continue during U.S. trading hours.

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All eyes are on whether the resurgent trend of yen buying will continue during U.S. trading hours.

01.11.2022

Today's Highlights
  1. U.S. Manufacturing PMI
  2. U.S. ISM Manufacturing PMI

In the previous day’s trading, the U.S. dollar showed strength against both the yen and the euro, while the euro/dollar pair fell for the third consecutive day. The euro/dollar pair dropped by just over 90 pips from 0.9965 to 0.9873, breaking below the 200-period SMA on the hourly chart.During today’s Asian session, the pair attempted a rebound but was capped by the 200 SMA, causing it to revert to a downward trend. If the euro continues to face resistance during the U.S. session, the decline could extend to the retest level around 0.9834; therefore, traders should exercise caution when chasing the downside.

European currencies came under selling pressure as the euro fell after yesterday’s release of the Eurozone’s October Consumer Price Index (CPI), which came in at 10.7% year-over-year, showing no signs of peaking. The euro/yen pair traded in a range-bound pattern, fluctuating wildly between 146.617 and 147.745.Since the euro/yen pair is facing significantly heavier resistance on the upside compared to the pound/yen—another European currency pair—traders should be cautious of potential declines during European trading hours.

Today, at 16:00 CET, the UK Nationwide House Price Index, Turkey’s Manufacturing PMI, and Germany’s Import Price Index will be released; at 17:20, RBA Governor Lowe will deliver remarks; at 17:30, Switzerland’s Manufacturing PMI will be released;at 18:30 UK Manufacturing PMI, and during U.S. trading hours at 22:45 U.S. Manufacturing PMI, at 23:00 U.S. ISM Manufacturing Index, U.S. Construction Spending, and U.S. JOLTS Survey, and at 29:00 the release of the NZ RBNZ Financial Stability Report.It will be interesting to see if the recent trend of yen buying, which has been gaining momentum, continues during U.S. trading hours.

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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