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Will the euro-dollar pair, which has been falling, continue to slide during U.S. trading hours? Caution is advised.

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Will the euro-dollar pair, which has been falling, continue to slide during U.S. trading hours? Caution is advised.

06.07.2023

Today's Highlights
  1. UK Construction PMI
  2. U.S. ISM Non-Manufacturing Economic Index

In the U.S. currency market yesterday, the USD/JPY pair rose slightly immediately after the release of the U.S. May durable goods orders report, which showed an increase to 1.8% from 1.7% the previous month.USD/JPY rose from 144.083 to 144.728, trading in a narrow range around the 20-period moving average (MA) on the hourly chart.During today’s Asian session, the USD/JPY has seen increasing downward pressure around the 144.309 level, and on the 4-hour chart, it has already broken below the 20-period moving average. However, since it remains above the 10-period moving average on the daily chart, it will be worth watching to see if the direction becomes clearer during U.S. trading hours.

European currencies fell against the U.S. dollar as the euro dropped following yesterday’s release of the Eurozone’s May Producer Price Index (PPI), which fell to -1.5% year-over-year from 1.0% the previous month.The euro fell against the U.S. dollar from 1.0907 to 1.0850. On the 4-hour chart, the pair declined while forming lower highs. However, since it has not yet broken below the recent low of 1.0835, we will be watching to see if a rebound occurs at this support level.

Today, at 15:00, German manufacturing new orders; at 17:30, UK construction PMI; at 18:00, Eurozone retail sales; at 20:00, U.S. MBA mortgage applications index; at 20:30, U.S. Challenger job cuts;at 9:15 PM, U.S. ADP Employment Report; at 9:30 PM, U.S. Initial Jobless Claims, Canada’s Trade Balance, and U.S. Trade Balance; at 9:45 PM, remarks by Logan, President of the Dallas Fed; at 10:45 PM, U.S. Services PMI;at 23:00, the U.S. ISM Non-Manufacturing Index and U.S. JOLTS Job Openings; at 24:00, U.S. weekly crude oil inventories; and at 25:00, remarks by German Bundesbank President Nagel are scheduled.We will carefully assess the direction of the EUR/USD pair to see if it will continue to decline 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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