Will there be a shift in currency strength during the U.S. holiday, or will the market remain on the sidelines?

Will there be a shift in currency strength during the U.S. holiday, or will the market remain on the sidelines?

19.06.2023

Last weekend, the Canadian dollar rose against the yen after wholesale sales fell to -1.4% from the previous reading of -0.1%. The CAD/JPY pair rose by approximately 190 pips from 105.738 to 107.658, forming an uptrend along the 10-period moving average on the hourly chart.From a technical perspective, while the daily RSI for CAD/JPY has risen to 77, the weekly RSI has not yet reached 70. We will be watching closely to see if further gains occur during U.S. trading hours.

European currencies rose against the yen after the preliminary May consumer price index (CPI) for the eurozone, released on Friday the 16th, showed no change from the previous month’s 6.1% year-on-year rate. The euro/yen pair rose from 153.083 to 155.528, continuing to hit new highs for the year.This was further bolstered by ECB President Lagarde’s announcement at last weekend’s ECB meeting that interest rates would be raised at the next meeting. The yen’s weakening trend is likely to continue until the Bank of Japan makes changes to its monetary policy.

Today’s schedule includes the Turkish Consumer Confidence Index at 4:00 PM European time, Hong Kong Employment Statistics at 5:30 PM, and during U.S. trading hours, Canadian Industrial Production, the Canadian Raw Materials Price Index, and the Canadian Producer Price Index at 9:30 PM, followed by the U.S. NAHB Housing Market Index at 11:00 PM.Although U.S. markets are closed today for a holiday, we will carefully monitor the situation to see if there are significant shifts in currency strength during U.S. trading hours.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran