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All eyes are on whether the Canadian dollar, which has been rising against the yen, will continue to climb.

Market Report

All eyes are on whether the Canadian dollar, which has been rising against the yen, will continue to climb.

01.11.2023

Today's Highlights
  1. Swiss SVME Purchasing Managers' Index
  2. Remarks by BOC Governor McClem of Canada

In the U.S. currency market yesterday, the Canadian dollar showed a strong downward trend against the yen, despite the release of Canada’s August GDP data, which showed a year-over-year growth rate of 0.9%, down from 1.1% the previous month. 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 (MA) on the hourly chart. With BOC Governor MacRem’s remarks scheduled for later today, we will be closely monitoring whether his comments impact price movements.

European currencies saw the euro trade in a range against the U.S. dollar following the release yesterday of preliminary European Harmonized Index of Consumer Prices (HICP) data, which showed a sharp decline from 4.3% to 2.9% year-over-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, traders 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 14:00, Turkey’s Manufacturing PMI at 16:00, Hong Kong’s Retail Sales at 17:30, Switzerland’s SVME Purchasing Managers’ Index at 17:30, and the UK’sManufacturing PMI at 18:30, the U.S. MBA Mortgage Applications Index at 20:00, Brazil’s Industrial Production at 21:00, the U.S. ADP Employment Report at 21:15, remarks by SNB Governor Jordan at 21:40, the U.S. Manufacturing PMI at 22:45,11:00 PM: U.S. Construction Spending,at 11:00 PM, the U.S. ISM Manufacturing Index; at 3:00 AM, the FOMC policy rate decision and statement; at 3:30 AM, a press conference by Fed Chair Powell; and at 5:15 AM, remarks by BOC Governor McClem.I want to closely monitor whether the Canadian dollar, which has been rising against the yen, will continue to climb.

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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