Should we carefully monitor the direction of the euro, which is falling but showing resilience at lower levels?

Should we carefully monitor the direction of the euro, which is falling but showing resilience at lower levels?

20.11.2023

Last weekend, the Canadian dollar fell against the yen after Canada’s October government bond turnover, released on the 17th, worsened from a negative CAD 8.5 billion the previous month to a negative CAD 15.1 billion.With the Japanese yen emerging as the strongest currency, the CAD/JPY pair fell from 109.618 to 108.714, erasing nearly all of its gains since the start of the month. From a technical perspective, the pair is trading just below the weekly 10-day moving average (MA), and the weekly RSI has entered a downtrend after touching 70, so investors should watch for signs of a continued decline.

European currencies saw the euro fall slightly against the yen after the final October consumer price index (CPI) for the eurozone, released on the 17th, remained unchanged from the previous month at 2.9%, while the core index stood at 4.2%.The euro/yen pair fell from 163.600 to 162.156. It then rebounded late in the U.S. trading session and closed at 163.271. While other yen crosses have formed bearish candles on the weekly chart, the euro/yen pair has maintained a bullish candle on the weekly chart, so investors should keep an eye on the euro’s strength in the latter half of November.

Today’s schedule includes Germany’s Producer Price Index and Sweden’s Industrial Inventories at 16:00, Taiwan’s Current Account Balance at 17:20, Eurozone Construction Output at 19:00, Israel’s Unemployment Rate at 20:00, Turkey’s Central Government Debt at 23:30, the U.S. Leading Economic Index at 24:00, and the U.S. 6-Month Treasury Bill Auction at 25:30.at 2:00 AM: U.S. remarks by Barkin, President of the Richmond Fed; at 3:45 AM: UK remarks by Bailey, Governor of the BOE; and at 4:00 AM: South Korea’s PPI growth rate. We will closely monitor the direction of the euro, which is falling but showing resilience at lower levels.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran