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All eyes are on whether the euro, which has been on a downward trend, will recover.

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All eyes are on whether the euro, which has been on a downward trend, will recover.

10.05.2023

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. U.S. Consumer Price Index

In U.S. currency trading yesterday, the U.S. dollar traded within a range against the yen after the U.S. NFIB Small Business Optimism Index, released yesterday, fell to 89.0 from the market forecast of 89.7.USD/JPY traded in a narrow range between 134.733 and 135.362, with price action lacking direction as it fluctuated around the 20-period moving average on the hourly chart. With today’s U.S. CPI release expected to show a year-over-year increase of 5.0%, traders should remain vigilant regarding potential USD price movements depending on the results.

European currencies fell against the yen, as France’s March trade balance—released yesterday—improved to a deficit of 8.023 billion euros from the previous month’s deficit of 9.904 billion euros.The EUR/JPY pair fell slightly, facing resistance at the 20-period moving average on the hourly chart, and is currently trading around 148.362 during Asian trading hours. However, since the 4-hour chart shows a pattern of higher lows, it will be worth watching to see if the euro recovers during European trading hours.

Today’s schedule includes the German Consumer Price Index and the Norwegian Consumer Price Index at 15:00; Turkish employment statistics and industrial production at 16:00; the U.S. MBA Mortgage Applications Index at 20:00; Canadian housing permits at 21:30;U.S. Consumer Price Index, at 23:30 U.S. weekly crude oil inventories, at 25:00 remarks by SNB Governor Jordan of Switzerland, at 26:00 U.S. 10-year Treasury auction, and at 27:00 U.S. budget balance.It will be interesting to see if the euro, which has been on a downward trend, will recover.

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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