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Will the market wait and see how prices move at the end of the month amid the current trend of a strong yen?

Market Report

Will the market wait and see how prices move at the end of the month amid the yen's strengthening trend?

28.11.2023

Today's Highlights
  1. U.S. S&P Case-Shiller Home Price Index
  2. U.S. Richmond Fed Manufacturing Index

In the U.S. currency market the previous day, despite the absence of major economic indicators or remarks from key officials, the U.S. dollar became the weakest currency toward the close. The EUR/USD pair rose slightly from 1.0925 to 1.0959. The 20-period moving average on the 4-hour chart acted as a support line, triggering a rebound.On the daily chart, although the RSI has risen above 70, the upward trend remains intact, so we will be watching for potential gains during European trading hours.

Regarding European currencies, ECB President Lagarde stated yesterday that “overall inflation is likely to rise again in the coming months.” Concerns about the European economy and a potential rise in interest rates caused the euro to fall against the yen.The euro/yen pair fell by just under 120 pips, from 163.717 to 162.546, and broke below the 75-period moving average on the 4-hour chart. Furthermore, the yen has continued to strengthen during today’s Asian trading session, and the euro/yen pair appears poised to break below the 162-yen level.

Today, the German GfK Consumer Confidence Index will be released at 4:00 p.m., the French Consumer Confidence Index at 4:45 p.m., remarks by German Bundesbank President Nagel at 5:00 p.m., the Eurozone Money Supply at 6:00 p.m.,at 9:00 PM, Brazil’s Broad Consumer Price Index; at 11:00 PM, the U.S. Housing Price Index; at 11:00 PM, the U.S. S&P Case-Shiller Home Price Index; at midnight, the U.S. Richmond Fed Manufacturing Index and remarks by U.S. Federal Reserve Governor Goolsbee:Chicago Fed President’s remarks, 12:30 a.m. U.S. Dallas Services Sales Index, 1:00 a.m. EU ECB President Lagarde’s remarks, and 3:00 a.m. U.S. 7-year Treasury auction are scheduled.Given the current trend toward a stronger yen, we intend to carefully monitor price movements as the month comes to a close.

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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