search

An incredible cashback rate!
40% of the spread!

Join Now

Should We Keep a Close Eye on the Direction of the Euro, Which Has Entered a Technical Recession?

Market Report

  1. homeHOME
  2. Market Report
  3. Should We Keep a Close Eye on the Direction of the Euro, Which Has Entered a Technical Recession?

Should We Keep a Close Eye on the Direction of the Euro, Which Has Entered a Technical Recession?

09.06.2023

Today's Highlights
  1. Canada: Employment Statistics
  2. Added: Equipment Utilization Rate

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after data released yesterday showed that new U.S. unemployment insurance claims rose to 261,000 from 232,000 the previous week. The USD/JPY pair fell from 140.212 to 138.758.Over the past week, the market has continued to trade in a range straddling the 10-day moving average on the daily chart. USD/JPY is currently facing the 50% Fibonacci retracement level, which aligns with last year’s high and this year’s low, and price action is likely to remain directionless as the market seeks a clear direction leading up to next week’s FOMC meeting.

European currencies saw the euro trade in a tight range against the yen after the euro entered a technical recession following yesterday’s announcement that the eurozone’s first-quarter real GDP fell 0.1% quarter-on-quarter, marking the second consecutive quarter of contraction.The EUR/JPY pair has been trading in a range between 149.592 and 150.051, and is currently testing the upper boundary during today’s Asian session. If the pair extends its gains, it will be worth watching to see if it breaks through the recent high of 151.069.

Today, at 15:00, Norway’s Consumer Price Index and Producer Price Index, Sweden’s Industrial Production, and Sweden’s New Manufacturing Orders will be released; at 16:00, Turkey’s Industrial Production; and at 19:30, Russia’skey interest rates, at 8:30 p.m. India’s foreign exchange reserves, at 9:00 p.m. Mexico’s industrial production, at 9:30 p.m. Canada’s employment report and capacity utilization rate, and at 1:00 a.m. Russia’s Consumer Price Index. We will be closely monitoring the direction of the euro, which has entered a technical recession.

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.

Previous Article

Should We Keep an Eye on the CAD/JPY Pair, Which Hit a New High This Year Following a Surprise Rate Hike?

Next Article

Should We Keep a Close Eye on the U.S. Dollar's Movements Ahead of the U.S. CPI Release?
alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add/Save" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you're using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" as shown above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for explanations of each notification
arrow Return to Notification Settings
close
Details of Each Notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are taking notice.

polygon USDJPY

Notifications are sent for every 100 pips (1 JPY) (e.g., 1 USD = 147 JPY, 1 USD = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

polygon XAUUSD

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon BTCUSD

Notifications are sent for every 5,000 USD (e.g., 110,000 USD, 115,000 USD, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you're on the go, and place orders that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

You will receive a notification when the price fluctuates by more than 20 USD within an hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for 4 hours.

Return to Notification Settings