Should we keep an eye on the upside potential of the euro/yen pair, which continues to hit new highs?
15.11.2023
- U.S. New York Fed Manufacturing Index
- Europe: Industrial Production
In the U.S. currency market yesterday, the U.S. dollar fell against the euro after the October U.S. CPI, released yesterday, showed the year-over-year core index declining from 4.1% to 4.0%.The EUR/USD pair rose from 1.0691 to 1.0887. On the daily chart, the price broke above the 200-day SMA with a real body, signaling a major trend reversal. However, on the higher timeframe weekly chart, the downtrend for EUR/USD remains intact, so we will be watching price movements during European trading hours closely.
European currencies rose during U.S. trading hours as the German ZEW Economic Sentiment Index for November, released yesterday, improved to +9.8 from -1.1 the previous month.The euro/yen pair rose from 162.073 to 163.907, hitting a new high for the year. The pair has continued to rise during today’s Asian trading session as well, and since it remains on a band walk along the +2σ line of the daily Bollinger Bands, we will continue to monitor the euro’s upside potential.
Today, at 3:30 PM, France’s employment statistics will be released; at 4:00 PM, the UK’s Consumer Price Index, Retail Price Index, and Producer Price Index; at 4:45 PM, France’s Consumer Price Index; at 7:00 PM, the Eurozone’s industrial production; at 8:00 PM, South Africa’s retail sales;at 9:00 PM, the U.S. MBA Mortgage Applications Index; at 10:30 PM, Canadian Wholesale Sales, Canadian Manufacturing Sales, U.S. Retail Sales, U.S. Producer Price Index, and the U.S. NY Fed Manufacturing Index; at 11:30 PM, remarks by U.S. Fed Vice Chair Bar; at 12:00 AM, U.S. Business Inventories; and at 12:30 AM, U.S. Weekly Crude Oil Inventories.We want to carefully assess the upside potential for the EUR/JPY pair, which continues to hit new highs.
Author: Keisuke Sakurai
