Attention may turn to the upside potential of the euro, which rose against the U.S. dollar over the weekend

Attention may turn to the upside potential of the euro, which rose against the U.S. dollar over the weekend

10.08.2023

In yesterday’s U.S. trading session, the Canadian dollar rose against the yen despite the fact that Canada’s June housing starts, released yesterday, fell sharply from 10.5% to 6.1% month-over-month. The CAD/JPY pair rose from 106.556 to 107.395.The trend of a weaker yen continues during today’s Asian trading session. On the higher timeframe weekly chart, the upward trend is firmly supported by the 20-day moving average at the lower end, so we will be watching closely to see if the Canadian dollar continues to rise against the yen heading into the weekend.

Among European currencies, the euro rose slightly against the U.S. dollar. The EUR/USD pair climbed from 1.0948 to 1.0995, reaching a level just below the 200-period EMA on the hourly chart. On the daily chart, the pair is trading between the 75-day and 20-day moving averages, making it difficult to gauge the direction of the trend. However, on the weekly chart, the Dow Theory—which calls for higher highs and higher lows—is holding true, so we will be watching to see if prices continue to rise heading into next week.

Today, at 3:00 PM, Norway’s Consumer Price Index and Producer Price Index will be released; at 4:00 PM, Turkey’s employment statistics and industrial production; at 6:30 PM, South Africa’s mining production; at 7:00 PM, Israel’s trade balance;at 8:00 PM South Africa’s Manufacturing Output, at 9:30 PM U.S. Initial Jobless Claims, U.S. Consumer Price Index, and U.S. Weekly Natural Gas Inventories, at 2:00 AM a U.S. 30-Year Treasury Auction, and at 5:15 AM remarks by U.S. Federal Reserve Bank of Philadelphia President Harker. We will be watching for upside potential in the euro, which has risen against the U.S. dollar.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran