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All eyes are on whether the euro-yen pair will rebound following the release of the ECB Governing Council meeting minutes.

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All eyes are on whether the euro-yen pair will rebound following the release of the ECB Governing Council meeting minutes.

13.07.2023

Today's Highlights
  1. Minutes of the ECB Governing Council Meeting Released
  2. UK Industrial Production

In U.S. currency trading the previous day, the Canadian dollar fell against the yen following the Bank of Canada’s (BOC) policy rate announcement yesterday, in which the central bank raised the policy rate by 0.25% to 5.00%, in line with market consensus.Although the CAD/JPY pair showed an upward movement immediately after the announcement, the momentum did not last, and it eventually fell from 106.093 to 104.749. On the weekly chart, the RSI has entered a downtrend after touching 70, so we will need to monitor closely whether the downtrend will continue for some time.

Among European currencies, the euro—ahead of today’s release of the ECB Governing Council meeting minutes—fell slightly against the yen. The euro/yen pair dropped by about 110 pips from 154.512 to 153.398.Subsequently, the pair rebounded, recovering to 154.481 during today’s Asian trading session. From a technical perspective, the 200-period simple moving average (SMA) on the 4-hour chart is currently acting as support for the EUR/JPY pair, so it will be worth watching to see if the pair continues to rebound from here.

Today, at 15:00: UK GDP, UK industrial production, and UK trade balance; at 15:45: French Consumer Price Index; at 18:00: EurozoneIndustrial Production, at 20:30 the release of the minutes from the European Central Bank (ECB) Governing Council meeting, at 21:30 U.S. Initial Jobless Claims and the U.S. Producer Price Index, at 23:30 U.S. Weekly Natural Gas Inventories, at 24:10 U.S. Daily:Remarks by the President of the San Francisco Fed, 26:00: U.S. 30-Year Treasury Auction, 27:00: U.S. Budget Balance, and 7:45 the following day: Remarks by Fed Governor Waller are scheduled. We will be watching for any directional movement, particularly whether the EUR/JPY pair rebounds following the release of the ECB Governing Council minutes.

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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Should we wait and see if the weakening of the U.S. dollar—which is accelerating due to the decline in the U.S. PPI—will continue?
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