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Caution Over the Euro’s Direction as It Weakens Against the Yen

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Caution Over the Euro’s Direction as It Weakens Against the Yen

08.12.2022

Today's Highlights
  1. Remarks by Koji Tsuki, Deputy Governor of the Bank of Canada (BOC)
  2. Hungary: Consumer Price Index

In the previous day’s U.S. currency trading, the U.S. dollar weakened against the euro, and the EUR/USD pair rose from 1.0442 to 1.0548.From a technical perspective, the EUR/USD pair has entered an ascending pennant pattern on the 4-hour chart, with higher lows and lower highs. It will be worth watching to see if the pair breaks out of this ascending pennant after a period of consolidation.

European currencies fell against the yen despite the fact that the final figures for the third-quarter GDP in the eurozone, released yesterday, rose from the market forecast of 0.2% to 0.3% and exceeded the previous reading.After falling to 143.260, the euro/yen pair has been trading around 143.500 during today’s Asian session. On the daily chart, the euro/yen pair continues its downward trend with the 20-day moving average acting as resistance, so traders should remain cautious of further declines during the European session.

Today’s economic indicators include Swedish housing prices at 16:00, the Hungarian Consumer Price Index and Hungarian trade balance at 17:00,South Africa’s Q4 Consumer Confidence Index at 18:00, South Africa’s Current Account Balance at 18:00, South Africa’s Manufacturing Output and Canada’s Leading Economic Index at 20:00, ECB President Lagarde’s remarks at 21:00, Brazil’s Retail Sales,Mexico: Consumer Price Index; at 22:30: U.S. Initial Jobless Claims, Remarks by SNB Board Member Mekler; at 24:30: U.S. Weekly Natural Gas Inventories; at 26:30: Remarks by BOC Deputy Governor Kozitski.We should remain vigilant regarding the direction of the euro, which is showing signs of weakness against the yen.

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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Will the U.S. dollar, which has been rising slightly, continue its upward trend, or should we wait and see?

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All eyes are on whether the University of Michigan Consumer Sentiment Index will exceed the market forecast of 56.8.
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