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Will the market wait and see where the euro, which is showing weakness against the yen, is headed?

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Will the market wait and see where the euro, which is showing weakness against the yen, is headed?

22.12.2022

Today's Highlights
  1. Kansas City Federal Reserve Bank Manufacturing Activity Index
  2. U.S. Core PCE Deflator

The previous day, the U.S. dollar was in a stalemate against the euro. The EUR/USD pair traded in a range between 1.0590 and 1.0645, continuing its directionless movement as it fluctuated around the 20-period moving average (MA) on the hourly chart.From a technical perspective, the EUR/USD pair is finding support at the 75-period moving average (MA) on the 4-hour chart and has been gradually forming higher lows. On the higher-time-frame daily chart, the uptrend—where the 10-period MA has been acting as support—continues, so we will be watching closely to see if an upward trend emerges during European trading hours.

European currencies saw the German GfK Consumer Confidence Index for January, released yesterday, come in at -37.8—marking its third consecutive monthly increase—but the euro continued to face resistance against the yen.The EUR/JPY pair traded within a range of approximately 110 pips between 139.639 and 140.774, but failed to break above the 23.6% Fibonacci retracement level and remains stagnant during today’s Asian trading session.However, since the price has been forming slightly higher lows on the hourly chart, it will be worth watching to see if the pair gains more upward momentum during European trading hours.

Today, at 16:00 European time, the UK will release its third-quarter GDP and current account balance; at 20:00, Turkey will announce its policy interest rate and statement; at 22:30 U.S. time, the U.S. will release initial jobless claims and third-quarter GDP;U.S. personal consumption, and the U.S. core PCE deflator; at 24:00, the U.S. leading economic index; at 24:30, U.S. weekly natural gas inventories; and at 25:00, the U.S. Kansas City Fed Manufacturing Activity Index.I intend to carefully monitor 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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All eyes are on whether the current trend of yen and U.S. dollar buying will shift.
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