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

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

12.09.2023

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 propelled 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, caution is advised 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 broke below the support level of the daily 20-day moving average (MA) following yesterday’s decline, the 10-day MA is acting as a support level 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 the UK Employment Report and Norway’s GDP at 3:00 p.m., the German ZEW Economic Sentiment Index and the Eurozone ZEW Economic Sentiment Index at 6:00 p.m., the U.S. NFIB Small Business Optimism Index at 7:00 p.m., and Brazil’s Consumer Price Index and Industrial Production at 9:00 p.m., as well as India’sConsumer Price Index, at 9:55 p.m. U.S. Redbook Large Retailer Sales, at 2:00 a.m. U.S. 10-Year Treasury Auction, and at 6:05 a.m. the following day, remarks by NZ RBNZ Deputy Governor Silk are scheduled.We will be watching to see if the EUR/USD pair, which has been recovering gradually, will continue to rise.