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All Eyes on the Euro’s Resilience as It Falls Against the Oceania Currency

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All Eyes on the Euro’s Resilience as It Falls Against the Oceania Currency

14.04.2023

Today's Highlights
  1. U.S. Retail Sales
  2. Number of New and Used Home Sales

In the previous day’s U.S. currency markets, the U.S. dollar became the weakest currency after the U.S. March Producer Price Index (PPI), released during U.S. trading hours, showed declines in both the overall and core indices compared to the previous month. The USD/JPY pair fell from 133.403 to 132.029, marking its second consecutive day of decline on the daily chart.From a technical perspective, USD/JPY has pulled back after encountering resistance at the 200-day EMA on the daily chart and is now moving toward the lower boundary of the uptrend line on the 4-hour chart; therefore, caution is advised regarding further declines during U.S. trading hours.

European currencies fell against Oceania currencies after Germany’s March consumer price index was released, showing a year-over-year rate of 7.4%, unchanged from the previous month.The EUR/AUD pair fell by approximately 180 pips from 1.6446 to 1.6264. This marked a pullback following the pair’s break above last year’s high. However, since the weekly RSI for EUR/AUD has not yet touched 70, indicating room for further movement, we will be watching price action during European trading hours closely.

Today, at 15:00, Germany’s Wholesale Price Index; at 15:30, Switzerland’s Producer Import Prices; at 15:45, France’s Consumer Price Index; at 21:30, Canada’s Manufacturing Sales, the U.S. Import Price Index, and U.S. Retail Sales;21:45: Remarks by U.S. Federal Reserve Governor Waller; 22:00: Canadian Existing Home Sales; 22:15: U.S. Industrial Production; 23:00: U.S. Business Inventories;U.S. University of Michigan Consumer Sentiment Index, remarks by UK MPC Member Tenreyro at 24:30, and remarks by German Bundesbank President Nagel at 27:15. We will be watching for any rebound in the euro, which has been falling against Oceania currencies.

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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