All eyes are on whether the Canadian dollar, which has been rising against the yen, will continue to climb
01.11.2023
- Swiss SVME Purchasing Managers' Index
- Remarks by BOC Governor MacLem
Despite the release of Canada’s August GDP data yesterday showing a year-over-year growth rate of 0.9%—down from 1.1% the previous month—the U.S. dollar maintained a strong upward trend against the yen. The CAD/JPY pair rose by approximately 160 pips, from 107.699 to 109.350.This marked a significant uptrend along the 10-period moving average on the hourly chart. With BOC Governor McClem’s remarks scheduled for later today, we will be closely monitoring whether his comments impact price movements.
European currencies saw the euro fluctuate against the U.S. dollar following the release of preliminary European Harmonized Index of Consumer Prices (HICP) data yesterday, which showed a sharp decline from 4.3% to 2.9% year-on-year.The EUR/USD pair rose to 1.0674 before plummeting. It eventually fell well below yesterday’s low of 1.0590, dropping to 1.0557. Since the daily chart showed a bearish candle with an upper shadow, we should remain cautious about whether the euro will decline against the yen during U.S. trading hours.
Today’s economic indicators include India’s Manufacturing PMI at 2:00 PM, Turkey’s Manufacturing PMI at 4:00 PM, Hong Kong’s Retail Sales at 5:30 PM,5:30 PM: Switzerland SVME Purchasing Managers' Index, 6:30 PM: UK Manufacturing PMI, 8:00 PM: US MBA Mortgage Applications Index, 9:00 PM: Brazil Industrial Production, 9:15 PM: US ADP Employment Report, 9:40 PM: Remarks by SNB Governor Jordan (Switzerland), 10:45 PM: US Manufacturing PMI,at 11:00 PM US Construction Spending, at 11:00 PM US ISM Manufacturing PMI, at 3:00 AM US FOMC Interest Rate Decision and Statement, at 3:30 AM US Fed Chair Powell Press Conference, and at 5:15 AM Canadian BOC Governor Macklem Remarks. I want to closely monitor whether the Canadian dollar, which has been rising against the yen, will continue to climb.
Author: Keisuke Sakurai
