All eyes are on whether the euro will rise following the release of economic indicators during European trading hours.
08.01.2024
- German Manufacturing Orders
- European and Eurozone Investor Sentiment Index
Last weekend, the Canadian dollar fell against the yen from 109.019 to 108.043 following the release of Canada’s December employment report 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 24,890.Technically, the CAD/JPY pair has paused its upward trend along the 4-hour 10-day moving average (MA) and has now broken below the 10-day MA. Therefore, we will closely monitor whether the CAD/JPY pair continues to weaken at the start of the week.
European currencies rose, with the euro gaining against the U.S. dollar after the Eurozone’s December consumer price index, released last weekend, 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 price can break above the 1.0971 level with a solid candle on the 4-hour chart, it could form a double bottom; therefore, we will be watching to see if it can break through the recent high.
Today, at 4:00 PM: German manufacturing orders, German industrial production, German trade balance, Norwegian manufacturing production; at 4:30 PM: Swiss consumer price index, Swiss retail sales;Hungarian Retail Sales at 4:30 PM, French Total Reserve Assets at 4:45 PM, Eurozone Investor Sentiment Index at 6:30 PM, Eurozone Unemployment Rate and Eurozone Retail Sales at 7:00 PM, Mexican Consumer Confidence Index at 9:00 PM, U.S. Employment Trends Index at 12:00 AM, and a U.S. 6-month Treasury bill auction at 1:30 AM.We will closely monitor whether the euro rises following the release of these indicators during European trading hours.
Author: Keisuke Sakurai
