All eyes are on whether the euro, which has been on a downward trend, will recover
10.05.2023
- U.S. MBA Mortgage Applications Index
- U.S. Consumer Price Index
In yesterday’s U.S. currency trading, 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. The USD/JPY pair consolidated between 134.733 and 135.362, showing a lack of 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 outcome.
European currencies fell against the yen after France’s March trade balance, released yesterday, narrowed to a deficit of €8.023 billion from the previous month’s deficit of €9.904 billion. The euro/yen pair edged lower, 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 whether the euro recovers during European trading hours.
Today’s schedule includes the German Consumer Price Index and the Norwegian Consumer Price Index at 3:00 PM, Turkish employment statistics and industrial production at 4:00 PM, the U.S. MBA Mortgage Applications Index at 8:00 PM, Canadian housing permits at 9:30 PM,the U.S. Consumer Price Index at 9:30 PM, U.S. weekly crude oil inventories at 11:30 PM, remarks by SNB Governor Jordan of Switzerland at 1:00 AM, a U.S. 10-year Treasury auction at 2:00 AM, and the U.S. budget balance at 3:00 AM. We will be watching to see if the euro, which has been on a downward trend, will recover.
Author: Keisuke Sakurai
