Market participants are likely to keep a close eye on the euro’s movement against the yen, as resistance levels appear to be strengthening.

Market participants are likely to keep a close eye on the euro’s movement against the yen, as resistance levels appear to be strengthening.

07.09.2023

In yesterday’s U.S. currency trading, the U.S. dollar fell immediately after the release of the U.S. August PMI Purchasing Managers’ Index, which declined to 50.5 from the previous reading of 51.0. However, the U.S. August IAM Non-Manufacturing Index, released later, rose to 54.5 from 52.7 the previous month. The EUR/USD pair plummeted from 1.0748 to 1.0702.With the EUR/USD pair trending downward during today’s Asian session, traders should remain vigilant regarding price movements during the U.S. session.

European currencies saw the euro fluctuate against the yen after yesterday’s release of July retail sales data for the eurozone showed a year-on-year decline of 1.0%, down from the previous month’s 0.3% drop. The EUR/JPY pair traded without a clear direction between 157.767 and 158.458, exhibiting nervous movements as it fluctuated around the 20-period moving average on the hourly chart.During today’s Asian trading session, a slight yen-strengthening trend is evident, so we will be watching closely to see if this puts a halt to the euro’s upward momentum.

Today, at 2:45 PM, Swiss employment figures; at 3:00 PM, German industrial production; at 3:45 PM, Frenchtrade balance, and France’s current account balance; at 6:00 PM, Eurozone Q2 GDP and South Africa’s trade balance; at 9:00 PM, Mexico’s Consumer Price Index; at 9:30 PM, U.S. initial jobless claims and U.S. nonfarm productivity; at 11:00 PM, Canada’s Ivey Purchasing Managers’ Index and remarks by U.S. Federal Reserve Bank of Philadelphia President Harker;President of the Philadelphia Fed, at 23:30: U.S. weekly natural gas inventories, and at 24:45: U.S. remarks by Goolsbee, President of the Chicago Fed. We will closely monitor the movement of the euro against the yen, as the currency faces resistance on the upside.

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