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Should We Keep an Eye on the Upside Potential for the Euro/Yen, Which Continues to Hit New Highs?

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Should We Keep an Eye on the Upside Potential for the Euro/Yen, Which Continues to Hit New Highs?

15.11.2023

Today's Highlights
  1. U.S. New York Fed Manufacturing Index
  2. Europe: Industrial Production

In the U.S. currency market yesterday, the U.S. dollar fell against the euro after the U.S. October 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 candle, signaling a major uptrend. However, on the higher-time-frame weekly chart, the downtrend for EUR/USD remains intact, so we will be watching price action during European trading hours closely.

European currencies rose during U.S. trading hours as Germany’s November ZEW Economic Sentiment Index, 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 high for the year. The pair has continued to rise during today’s Asian trading session as well, and since it is still moving along the +2σ line of the daily Bollinger Bands, we will continue to monitor the euro’s upside potential closely.

Today’s schedule includes French employment figures at 15:30, the UK Consumer Price Index, Retail Price Index, and Producer Price Index at 16:00, the French Consumer Price Index at 16:45, and at 19:00, the EurozoneIndustrial Production, at 20:00: South African Retail Sales, at 21:00: U.S. MBA Mortgage Applications Index, at 22:30: Canadian Wholesale Sales, Canadian Manufacturing Sales, U.S. Retail Sales,U.S. Producer Price Index, U.S. NY Fed Manufacturing Index, remarks by U.S. Fed Vice Chair Bar at 23:30, U.S. Business Inventories at 24:00, and U.S. Weekly Crude Oil Inventories at 24:30. We want to carefully assess the upside potential for the EUR/JPY pair, which continues to hit new highs.

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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