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Will the falling euro-dollar exchange rate continue to decline during U.S. trading hours? Caution is advised.

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Will the falling euro-dollar pair 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 Purchasing Managers' 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, downward pressure on USD/JPY has intensified around the 144.309 level, and on the 4-hour chart, the pair has already broken below the 20-period MA. However, since it remains above the 10-period MA on the daily chart, we will be watching to see if the direction becomes clearer during U.S. trading hours.

European currencies fell against the U.S. dollar, with the euro dropping after the release of the Eurozone’s May Producer Price Index (PPI), which showed a year-over-year decline from 1.0% in the previous month to -1.5%.The euro fell against the U.S. dollar from 1.0907 to 1.0850. On the 4-hour chart, the decline occurred as the price formed lower highs. However, since it has not yet broken below the recent low of 1.0835, attention will focus on whether a rebound occurs at this support level.

Today’s schedule includes German manufacturing new orders at 3:00 PM, UK construction PMI at 5:30 PM, Eurozone retail sales at 6:00 PM, US MBA mortgage applications at 8:00 PM, US Challenger job cuts at 8:30 PM, US ADP employment report at 9:15 PM, US initial jobless claims at 9:30 PM, and Canada’strade balance, US trade balance, 9:45 PM US Logan: Dallas Fed President remarks, 10:45 PM US Services PMI, 11:00 PM US ISM Non-Manufacturing Index, US JOLTS Job Openings, 12:00 AM US Weekly Crude Oil Inventories, and 1:00 AM German Nagle, Bundesbank President remarks 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

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. I specialize in technical and fundamental analysis, drawing on my extensive experience.

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