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All eyes are on whether the euro-dollar exchange rate, which has been recovering gradually, will rise further.

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All eyes are on whether the euro-dollar exchange rate, which has been recovering gradually, will rise further.

12.09.2023

Today's Highlights
  1. UK Employment Statistics
  2. U.S. NFIB Small Business Optimism Index

In the U.S. currency market yesterday, the U.S. dollar fell against the euro. The EUR/USD pair rose slightly from 1.0707 to 1.0759, following a gradual upward trend along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, yesterday’s rise has pushed the pair from below the 20-period moving average (MA) to above it. However, the EUR/USD pair remains below the lower boundary of the daily uptrend line and has not yet returned to an uptrend; therefore, traders should remain cautious regarding price movements during European trading hours.

Among European currencies, the Swiss franc fell against the yen. The CHF/JPY pair dropped from 165.458 to 163.832, hitting a new low for the month.Although the CHF/JPY pair has broken below the support line of the daily 20-day moving average (MA) following yesterday’s decline, the 10-day MA is acting as a support line on the higher-timeframe weekly chart. We will be closely monitoring whether the pair will continue to decline to the low 160-yen range—the level of the weekly 20-day MA—as part of a time-based correction.

Today’s schedule includes UK employment figures and Norwegian GDP at 15:00; the German ZEW Economic Sentiment Index and the Eurozone ZEW Economic Sentiment Index at 18:00; the U.S. NFIB Small Business Optimism Index at 19:00; and Brazil’s Consumer Price Index and Industrial Production, as well as India’sConsumer Price Index, at 21:55: U.S. Redbook Large Retailer Sales, at 26:00: U.S. 10-Year Treasury Auction, and at 6:05 the following day: Remarks by Silk, Deputy Governor of the RBNZ.We will be watching to see if the EUR/USD pair, which has been recovering gradually, will continue to rise.

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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