All eyes are on whether the euro-yen pair, which has been rising, will hit a new high for the year.
24.04.2023
- Duke-IFO Business Climate Index
- Chicago Fed National Manufacturing Index
Last weekend, the U.S. dollar strengthened after the U.S. April Composite PMI, released on the 21st, came in at 53.5, surpassing the previous month’s reading of 52.3. The NZD/USD pair fell from 0.6179 to 0.6126, forming a downtrend along the 20-period moving average on the 4-hour chart.The NZD/USD pair continues its downward trend toward this year’s low of 0.6083, and with the daily RSI also trending downward around 41, we should keep a close eye on its movement at the start of the week.
Among European currencies, the euro rose against the yen. The EUR/JPY pair climbed from 146.398 to 147.578. After briefly dipping below the 200-period simple moving average (SMA) on the hourly chart, it rebounded. The EUR/JPY pair is aiming higher during today’s Asian session as well, following an uptrend along the 20-period moving average (MA) on the hourly chart. We will be watching to see if the euro maintains its strength into the U.S. session and whether it can break through this year’s high.
Today, the Singapore Consumer Price Index is scheduled for 14:00 during Asian trading hours, followed by Turkey’s Capacity Utilization Rate at 16:00 during European trading hours,Turkey’s Economic Sentiment Index at 16:00 during European trading hours, Taiwan’s Unemployment Rate and Industrial Production at 17:00, and Germany’s IFO Business Climate Index at 17:00. Additionally, Hong Kong’s Employment Statistics are scheduled for 17:30, followed by the U.S. Chicago Fed National Manufacturing Index at 21:30 during U.S. trading hours, and the U.S. Dallas Fed Manufacturing Index at 23:30. With the EUR/JPY pair on the rise, we’ll be watching to see if it breaks its year-to-date high and trying to gauge the market’s direction.
Author: Keisuke Sakurai
