All eyes are on whether the euro-dollar exchange rate, which has been recovering gradually, will continue to rise
12.09.2023
- UK Employment Statistics
- U.S. NFIB Small Business Optimism Index
In the previous day's U.S. currency trading, the U.S. dollar fell against the euro.The EUR/USD pair rose slightly from 1.0707 to 1.0759. The rise was gradual, following the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, yesterday’s rise caused the price to jump from below the 20-period 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, so 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 daily 20-day moving average (MA) support line 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 continues to decline toward the low 160 yen range—the weekly 20-day MA—as part of a technical correction.
Today’s schedule includes UK employment figures and Norwegian GDP at 3:00 PM, the German and Eurozone ZEW Economic Sentiment Indexes at 6:00 PM, the US NFIB Small Business Optimism Index at 7:00 PM, Brazil’s Consumer Price Index and Industrial Production, and India’s Consumer Price Index at 9:00 PM, the US Redbook Large Retailer Sales at 9:55 PM,at 2:00 AM, the US 10-year Treasury auction, and at 6:05 AM the following day, remarks by RBNZ Deputy Governor Silk. We will be watching to see if the EUR/USD pair, which has been recovering gradually, will continue to rise.
Author: Keisuke Sakurai
