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With the euro/yen pair on the rise, all eyes are on whether it will hit a new high for the year.

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With the euro/yen pair on the rise, all eyes are on whether it will hit a new high for the year.

24.04.2023

Today's Highlights
  1. Germany's IFO Business Climate Index
  2. 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.A downtrend has emerged along the 20-period moving average (MA) 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, traders should keep a close eye on price action at the start of the week.

Among European currencies, the euro rose against the yen. The euro/yen pair climbed from 146.398 to 147.578. After dipping below the 200-period SMA on the hourly chart, it rebounded.The euro/yen pair is aiming higher during today’s Asian trading session as well, following an uptrend along the hourly 20-MA. We’ll be watching to see if the euro maintains its strength into the U.S. trading 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; the Turkish Capacity Utilization Rate and Turkish Economic Sentiment Index are scheduled for 16:00 during European trading hours; the Taiwan Unemployment Rate and Taiwan Industrial Production, along with the German IFO Business Climate Index, are scheduled for 17:00; and the Hong Kong Employment Statistics are scheduled for 17:30.during U.S. trading hours at 21:30, the U.S. Chicago Fed Manufacturing Activity Index, and at 23:30, the U.S. Dallas Fed Manufacturing Activity Index. With the EUR/JPY pair on the rise, I want to assess whether it will reach a new high for the year and determine the market’s direction.

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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Will the market wait and see how much further the euro can rise, given the strong German IFO Business Climate Index?
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