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Should We Keep an Eye on the Upside Potential Following ECB President Lagarde’s Remarks?

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Should We Keep an Eye on the Upside Potential Following ECB President Lagarde’s Remarks?

16.11.2023

Today's Highlights
  1. Philadelphia Fed Manufacturing Index
  2. Israel—Third-Quarter GDP

In U.S. currency trading yesterday, the Canadian dollar rose against the yen despite the fact that Canada’s September manufacturing sales, released yesterday, fell to 0.4% from 0.7% the previous month.The CAD/JPY pair rose from 109.732 to 110.674, forming a strong bullish candle on the daily chart. The pair has been rising along the 20-day moving average (MA) since the beginning of the month, and since the 20-day MA is also serving as a solid support level on the weekly chart, we should keep an eye on the strength of the Canadian dollar heading into the second half of the month.

European currencies fell as the euro weakened against the U.S. dollar following yesterday’s release of September industrial production data for the eurozone, which showed a year-over-year decline of 6.9%, worsening from the previous month’s 5.1% decline.The EUR/USD pair fell by just over 50 pips, from 1.0885 to 1.0831. It has fallen below the 20-period moving average (MA) on the hourly chart, signaling a pause in the short-term uptrend. However, as it remains above the 10-period MA on the 4-hour chart, we will be watching for further gains in the euro during European trading hours.

Today’s schedule includes Hong Kong’s employment statistics at 17:30, Israel’s third-quarter GDP at 20:00, remarks by ECB President Lagarde at 20:30, remarks by Fed Vice Chair Barr at 21:10, and Canada’shousing starts, at 10:15 PM U.S. initial jobless claims, remarks by U.S. Federal Reserve President Mester (Cleveland Fed), U.S. import and export price indices, U.S. Philadelphia Fed Manufacturing Index, at 11:15 PM U.S.Industrial Production at 23:15, U.S. NAHB Housing Market Index at 24:00, remarks by U.S. Federal Reserve Governor Waller at 24:30, and remarks by U.S. Federal Reserve Governor Cook at 26:00. We will be watching ECB President Lagarde’s remarks closely to assess the euro’s upside potential.

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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