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All eyes are on whether the euro will rise following the release of economic indicators during European trading hours.

Market Report

All eyes are on whether the euro will rise following the release of economic indicators during European trading hours.

08.01.2024

Today's Highlights
  1. German Manufacturing Orders
  2. Investor Sentiment Index for Europe and the Eurozone

Last weekend, the Canadian dollar fell against the yen from 109.019 to 108.043 following the release of Canada’s December employment statistics on the 5th, which showed the unemployment rate remained unchanged from the previous month at 5.8% and the number of employed persons declined from 24,900 to 1,000.From a technical perspective, the upward trend in the CAD/JPY pair along the 4-hour 10-MA has paused, and the pair has now fallen below the 10-MA. Therefore, we will be closely monitoring whether the CAD/JPY pair will continue to weaken at the start of the week.

European currencies rose as the euro strengthened against the U.S. dollar following the release of the Eurozone’s December consumer price index last weekend, which showed a year-over-year increase of 2.9%, up from 2.4% the previous month.The EUR/USD pair rebounded from 1.0877 to 1.0998. The 200-period simple moving average (SMA) on the 4-hour chart has once again served as a support line. If the pair can break above the 1.0971 level with a real body on the 4-hour chart, it could form a double bottom; therefore, it will be important to watch whether it can break through the recent high.

Today, at 4:00 p.m., German manufacturing orders, German industrial production, and the German trade balance will be released,Norwegian Manufacturing Production at 4:00 PM; Swiss Consumer Price Index, Swiss Retail Sales, and Hungarian Retail Sales at 4:30 PM; French Total Reserves at 4:45 PM; Eurozone Investor Sentiment Index at 6:30 PM; Eurozoneunemployment rate, and Eurozone retail sales; at 21:00, Mexico’s Consumer Confidence Index; at 24:00, the U.S. Employment Trends Index; and at 25:30, a U.S. 6-month Treasury bill auction. We will be watching closely to see if the euro rises in response to these economic indicator releases during European trading hours.

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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Will the euro, now the strongest currency, maintain its strength following the release of economic indicators, or will the market take a wait-and-see approach?

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Will the Swiss franc, which has been on the rise, maintain its momentum, or should we wait and see?
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