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Will the Rising Euro Continue Its Solo Rally, or Should We Wait and See Which Way It Goes?

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Will the Rising Euro Continue Its Solo Rally, or Should We Wait and See Which Way It Goes?

20.10.2023

Today's Highlights
  1. Mester (U.S.): Remarks by the President of the Cleveland Federal Reserve Bank
  2. Germany: Producer Price Index

In the U.S. currency market the previous day, the U.S. dollar faced resistance as September existing home sales—released yesterday—fell to 3.96 million from 4.04 million the previous month, resulting in a trading session that lacked clear direction from start to finish.The EUR/USD pair rose from 1.0529 to 1.0616 but stalled just short of the 200-period SMA on the 4-hour chart. From a technical perspective, as the EUR/USD is forming higher lows on the daily chart, we will be watching closely to see if the euro strengthens against the U.S. dollar over the weekend.

European currencies rose against the yen as the euro strengthened following yesterday’s announcement that the eurozone’s August current account surplus improved to 27.7 billion euros from 20.9 billion euros the previous month.The euro/yen pair rose from 157.685 to 158.926. The 20-day moving average (MA) on the daily chart acted as support, triggering a rebound. Additionally, since the 75-day MA is also functioning as a support line on the daily chart, it will be worth watching whether the euro continues to rise against the yen this Friday.

Today, at 15:00, UK retail sales, German producer price index, and Swedish unemployment rate will be released;at 3:35 PM, remarks by Bank of Japan Governor Ueda; at 4:00 PM, Turkey’s Consumer Price Index; at 5:30 PM, Hong Kong’s Consumer Price Index; at 8:30 PM, India’s foreign exchange reserves; at 9:00 PM, Mexico’s retail sales;at 21:30: Canada’s retail sales; at 22:00: remarks by Harker, President of the Philadelphia Fed; at 23:30: Turkey’s central government debt; and at 25:15: remarks by Mester, President of the Cleveland Fed.I’d like to wait and see whether the rising euro will continue to strengthen on its own.

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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