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Market participants are on alert to see how currency strength and weakness will shift amid the yen's upward trend.

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Market participants are on alert to see how currency strength and weakness will shift amid the yen's upward trend.

09.01.2023

Today's Highlights
  1. U.S. Consumer Credit Balances
  2. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank

Last weekend, the U.S. dollar became the weakest currency after the December U.S. employment report released on Friday, the 6th, showed that average hourly wages fell below the previous month’s and the previous year’s figures, which was interpreted as a slowdown in wage inflation.The EUR/USD pair rose by approximately 160 pips, from 1.0480 to 1.0647.The upward trend has continued during today’s Asian trading session, with the pair surpassing the high of the past three days. From a technical perspective, the EUR/USD rebounded after the 200-period simple moving average (SMA) on the 4-hour chart acted as a support level, so it will be worth watching to see if the upward trend continues.

European currencies saw the euro weaken slightly against the yen following the December European Harmonized Index of Consumer Prices (HICP), which fell from 10.1% to 9.2%. The euro/yen pair dropped by approximately 110 pips, from 141.451 to 140.230.Although the pair is currently trading just below the 200-day SMA on the daily chart, the ±3σ Bollinger Bands are trending downward, so traders should remain cautious of a continued decline.

Today, the Swiss unemployment rate will be released at 15:45 during Asian trading hours, followed by German industrial production at 16:00 and the Frenchtrade balance and current account balance, at 19:00 during European trading hours, the Eurozone unemployment rate, at 20:00 the Canadian Leading Economic Index, at 21:00 the Mexican Producer Price Index, at 22:30 during U.S. trading hours the Canadian Housing Starts,at 24:30 UK: Remarks by PMC Committee Member Pill; at 26:30 US: Remarks by Bostic, President of the Atlanta Fed; and at 29:00 US: Consumer Credit Balance. We will be closely monitoring how currency strength dynamics shift, as the trend has reversed from yen weakness to yen 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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