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With the yen on a downward trend, all eyes are on the direction of the euro, which is rising

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With the yen on a downward trend, all eyes are on the direction of the euro, which is rising

13.04.2023

Today's Highlights
  1. Remarks by BOC Governor McClem of Canada
  2. UK GDP

In U.S. currency markets the previous day, the U.S. dollar fell against the euro after the March Consumer Price Index rose 5.0% year-over-year. The EUR/USD pair rose by just over 90 pips, from 1.0911 to 1.1005, hitting a new high for the month.Since the EUR/USD pair continues its uptrend, supported on the downside by the 20-day moving average (MA), traders should remain cautious as to whether further gains will be seen heading into the weekend.

Among European currencies, the euro rose slightly against the yen. The euro/yen pair rose from 145.786 to 146.665. The rally came after the 4-hour RSI exceeded 70 and reached 75.4.On the daily chart, the euro/yen pair has risen for five consecutive days, while the daily RSI has not touched 70 and is hovering around 63, indicating that there is still room for further gains. We will carefully monitor the situation to see if the euro continues to rise into U.S. trading hours and breaks through this year’s high.

Today, at 15:00: UK Industrial Production, UK GDP, UK Manufacturing Production, UK Trade Balance, and German Consumer Price Index; at 18:00: Eurozone Industrial Production; at 20:45: Remarks by German Bundesbank President Nagel; and at 21:30: U.S.Producer Price Index and U.S. Initial Jobless Claims; at 22:00, remarks by BOC Governor McClem and remarks by MPC Member Pill; at 23:30, U.S. weekly natural gas inventories; and at 26:00, a U.S. 30-year Treasury auction.We want to carefully assess the direction of the euro, which is rising amid a trend of yen weakness.

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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