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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 Central Bank
  2. U.S. markets closed for a holiday

In the U.S. currency market the previous day, the Canadian dollar was dragged down by the U.S. dollar, resulting in a seesawing trend 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.During today’s Asian session, the CAD/JPY pair is trading around 109.122, but since the daily RSI has exceeded 70—the overbought threshold—and stands at 74, traders should remain cautious 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 today’s Asian session, it is trading around 157.746, just below the 20-period moving average on the hourly chart.From a technical perspective, the RSI on the 4-hour chart for EUR/JPY stands at 56—below the 70 level—leaving room for further gains, so we will be watching price action closely during European trading hours.

Today, at 15:00 during Asian trading hours, Germany’strade balance is scheduled for release at 15:00 during Asian trading hours; Brazil’s Consumer Price Index at 17:00 during European trading hours; Brazil’s Industrial Production at 20:00; Turkey’s non-performing loan ratio at 20:00; New Zealand’s dairy prices at 21:00 during U.S. trading hours; and remarks by Nagel, President of the German Federal Bank, at 25:00.Since U.S. markets are closed today for a holiday, we’ll 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 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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