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

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

19.06.2023

Today's Highlights
  1. Manufacturing and Mining Production
  2. U.S. markets closed for a holiday

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; therefore, 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 year-over-year rate of 6.1%. 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 is likely to remain weak until the Bank of Japan makes changes to its monetary policy.

Today, the Turkish Consumer Confidence Index is scheduled for 16:00 European time, followed by Hong Kong’s employment statistics at 17:30. During U.S. trading hours, Canada’s Industrial Production, Raw Materials Price Index, and Producer Price Index are set for 21:30, and the U.S. NAHB Housing Market Index is scheduled for 23:00.Although U.S. markets are closed today for a holiday, we will carefully monitor the situation to see if there are any significant shifts in currency strength during U.S. trading hours.

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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