Will the yen strengthen again due to end-of-month factors? Keep an eye on whether cross-yen pairs will decline.

Will the yen strengthen again due to end-of-month factors? Keep an eye on whether cross-yen pairs will decline.

30.10.2023

Last weekend, the U.S. dollar weakened as expectations for an interest rate hike at this week’s FOMC meeting on November 1 receded, with the majority of analysts now expecting the Fed to hold rates steady. The euro rose against the dollar from 1.0535 to 1.0597, avoiding a decline toward this month’s low.The monthly candle set to close this week has formed a doji, and with upward pressure still evident, it will be worth watching whether the euro can stage a comeback heading into the final day of October.

Among European currencies, the pound fell against the yen. GBP/JPY dropped by just under 150 pips, from 182.501 to 181.039, returning to the lower end of its daily range.Technically, GBP/JPY formed a bearish candlestick with an upper shadow on the weekly chart, and the weekly RSI has entered a downtrend after falling from above 70. We will need to carefully monitor the situation while assessing end-of-month factors to determine whether the pound will continue to weaken against the yen and face resistance at higher levels.

Today, at 3:00 PM, German retail sales and the German import price index, as well as South African money supply data, are scheduled to be released. At 5:00 PM, the Swiss KOF Leading Index will be released, followed by German Q3 GDP at 6:00 PM, UK consumer credit balances and UK money supply at 6:30 PM, and at 7:00 PM, the EurozoneBusiness Sentiment Index, and the Eurozone Consumer Confidence Index; at 10:00 PM, the German Consumer Price Index; and at 10:30 PM, the U.S. Dallas Fed Manufacturing Activity Index. We will be closely monitoring whether the yen’s strength reignites due to end-of-month factors and whether cross-yen pairs will decline.

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