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All eyes are on whether the euro, which has been under pressure from the pound, will show any signs of a rebound.

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All eyes are on whether the euro, which has been under pressure from the pound, will show any signs of a rebound.

13.02.2023

Today's Highlights
  1. Swiss Consumer Price Index
  2. Turkey: Current Account Balance

Last weekend, following the release of Canada’s January employment report—which showed the unemployment rate falling to 5.0%—the Canadian dollar emerged as the strongest currency. The CAD/JPY pair rose by approximately 2 yen, from 96.623 to 98.553.During today’s Asian trading session, the trend from last weekend has continued, with the yen remaining weak. From a technical perspective, the CAD/JPY pair has broken above the 20-day moving average (MA) on the daily chart and is forming higher lows. Since the +3σ line of the Bollinger Bands is trending upward, we should keep an eye on whether this upward momentum continues.

Among European currencies, the pound rose against the euro. The euro/pound pair fell from 0.8871 to 0.8823.A downtrend has emerged along the 4-hour 10-MA. During last weekend’s decline, the EUR/GBP pair briefly dipped below the 4-hour 200-SMA but ultimately found support there. Therefore, we need to remain vigilant regarding the direction of the market—will a rebound occur, leading to a new recent high?

Today’s economic indicators include Turkey’s current account balance at 16:00 European time,at 16:30, the Swiss Consumer Price Index and Hungarian Industrial Production; at 21:00, the Indian Consumer Price Index; during U.S. trading hours at 22:00, remarks by Fed Governor Bowman and the Philippine current account balance; and at 25:30, the U.S. 6-month bill auction.We will be watching closely to see if the euro, which has been under pressure from the pound, can stage a rebound.

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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