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

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Market Participants Are Carefully Monitoring the Direction of the Euro, Which Is Falling but Showing Resilience on the downside

20.11.2023

Today's Highlights
  1. Construction Output in Europe
  2. Germany: Producer Price Index

Last weekend, the Canadian dollar fell against the yen after Canada’s October government bond turnover, released on the 17th, worsened from a negative 8.5 billion Canadian dollars the previous month to a negative 15.1 billion Canadian dollars.With the Japanese yen emerging as the strongest currency, the CAD/JPY pair fell from 109.618 to 108.714.This move offset nearly all of the gains made since the start of the month. From a technical perspective, the CAD/JPY pair is trading just below the 10-day moving average on the weekly chart, and the weekly RSI has entered a downtrend after touching 70, so it will be important to monitor whether the decline continues.

European currencies saw the euro fall slightly against the yen after the final October consumer price index for the eurozone—also 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 toward the end of 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, at 16:00, Germany’s Producer Price Index and Sweden’s Industrial Inventories will be released; at 17:20, Taiwan’s Current Account Balance;at 19:00, the Eurozone Construction Output; at 20:00, Israel’s Unemployment Rate; at 23:30, Turkey’s Central Government Debt; at 24:00, the U.S. Leading Economic Index; at 25:30, the U.S. 6-Month Treasury Bill Auction;at 26:00, remarks by U.S. Richmond Fed President Barkin; at 27:45, remarks by UK BOE Governor Bailey; and at 30:00, South Korea’s Producer Price Index growth rate. We will carefully monitor the direction of the euro, which is trending lower but showing resilience on the downside.

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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