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Should We Keep a Close Eye on the Euro’s Movement, Which Is Rising Against the Yen Despite a Decline in the Eurozone CPI?

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Should We Keep a Close Eye on the Euro’s Movement, Which Is Rising Against the Yen Despite a Decline in the Eurozone CPI?

01.08.2023

Today's Highlights
  1. Europe: Unemployment Rate
  2. U.S. Construction Spending

In U.S. currency trading the previous day, the Canadian dollar rose against the yen. As cross-yen pairs generally rose on the last day of July, the CAD/JPY pair also followed the trend and moved into a yen-weakening pattern.The CAD/JPY pair rose from 106.183 to 108.095. On the hourly chart, the 20-period moving average (MA) acted as support, establishing an upward trend. We will be closely monitoring the strength of the Canadian dollar to see if this trend continues into European trading hours.

Despite the final July Harmonized Index of Consumer Prices (HICP) for the eurozone, released yesterday, showing a year-over-year decline from the previous reading of 5.5% to 5.3%, the euro rose against the yen. The euro/yen pair rose from 155.123 to 157.268.The pair entered an uptrend, supported on the downside by the 20-period moving average (MA) on the hourly chart. From a technical perspective, the EUR/JPY has broken above the 200-period simple moving average (SMA) on the 4-hour chart with a real body candle, and the 4-hour RSI is rising from below 30 toward 70. We will monitor whether the euro continues to strengthen during European trading hours.

Today, at 15:00, UK Nationwide House Prices; at 16:00, Turkey Manufacturing PMI; at 16:50, France Manufacturing PMI; at 16:55, Germanyunemployment rate, and Germany’s Manufacturing PMI; at 17:00, the Eurozone Manufacturing PMI; at 17:30, the UK Manufacturing PMI; at 18:00, the Eurozoneunemployment rate, South Africa’s Manufacturing PMI at 22:45, the U.S. Manufacturing PMI at 23:00, the U.S. ISM Manufacturing Index, U.S. JOLTS Job Openings, U.S. Construction Spending, and remarks by U.S. Federal Reserve Bank of Chicago President Goolsbee are scheduled.We will closely monitor the euro’s movements against the yen, as it continues to rise despite a decline in the Eurozone CPI.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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