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Should We Focus on the Upside Potential of European Currencies, Which Are Showing Strength?

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Should We Focus on the Upside Potential of European Currencies, Which Are Showing Strength?

15.11.2022

Today's Highlights
  1. Number of New and Used Home Sales
  2. Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia

In U.S. currency trading the previous day, the Canadian dollar rose against the yen as the yen weakened. The CAD/JPY pair rose by approximately 140 pips from 104.544 to 105.933, rebounding to just short of the 20-period moving average on the 4-hour chart.The pair is attempting to rise again during today’s Asian session, and since it is technically forming higher lows, if it breaks above the recent high of 105.933 with a real-body candle on the 4-hour chart or longer timeframe, we would like to follow the upward trend.

European currencies rose, with the euro gaining against the yen after the year-over-year figure for September industrial production in the eurozone—released yesterday—surged to 4.9%, a significant increase from the market forecast of 2.9%.The EUR/JPY pair rose by approximately 180 pips, from 143.470 to 145.238, showing a stronger rebound compared to U.S. currencies. Since the rebound was supported by the 75-day moving average (MA) on the daily chart, we will be watching closely to see if the rally continues heading into U.S. trading hours.

Today’s schedule includes the UK unemployment rate at 16:00, the French Consumer Price Index at 16:45, the German ZEW Economic Sentiment Survey and Eurozone Q3 GDP and trade balance at 19:00, and Canadian wholesale sales and manufacturing shipments at 22:30,U.S. Producer Price Index and the U.S. New York Fed Manufacturing Index at 22:30, Canadian existing home sales and remarks by U.S. Federal Reserve Governor Cook and U.S. Federal Reserve Bank of Philadelphia President Harker at 23:00, and remarks by U.S. Federal Reserve Governor Barr at 24:00.We will be watching for upside potential in European currencies, which are currently showing strength.

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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