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All eyes are on the euro’s movements ahead of tomorrow’s services PMI release

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All eyes are on the euro’s movements ahead of tomorrow’s services PMI release

04.07.2023

Today's Highlights
  1. Remarks by Nagel, President of the German Federal Bank
  2. U.S. markets are closed for a holiday

In yesterday’s U.S. trading session, the Canadian dollar was dragged down by the U.S. dollar, resulting in a seesawing market against the yen. The CAD/JPY pair rose in an attempt to test this year’s high of 109.501, set on the 27th of last month, but was rejected in the low 109-yen range and continues to hover around the 20-period moving average on the hourly chart.In today’s Asian session, CAD/JPY is trading around 109.122. However, since the daily RSI has exceeded the overbought threshold of 70 and stands at 74, caution is warranted regarding price movements during the European session.

Ahead of tomorrow’s services PMI release, the euro is facing resistance against the yen. The EUR/JPY pair opened today with a downward gap of about 50 pips, but the gap has since been filled, and during Asian trading hours it is trading just below the 20-period moving average around 157.746.From a technical perspective, the EUR/JPY’s RSI on the 4-hour chart stands at 56, below the 70 level, indicating room for further upside. Therefore, we will be watching price action closely during European trading hours.

Today, the German trade balance is scheduled for 3:00 PM during Asian trading hours; the Brazilian Consumer Price Index at 5:00 PM during European trading hours; Brazilian industrial production and the Turkish non-performing loan ratio at 8:00 PM; New Zealand dairy prices at 9:00 PM during U.S. trading hours; and remarks by German Bundesbank President Nagel at 1:00 AM.Since U.S. markets are closed today for a holiday, we want to carefully assess currency strength and weakness during European 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 focused primarily on foreign exchange trading and also has experience as an investment advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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All eyes are on whether the euro will rise against the yen at the start of the month

Next Article

All eyes are on whether the release of the FOMC minutes will cause any changes in the U.S. dollar’s movement

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

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