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Will the momentum of the euro-dollar pair, which has rebounded sharply, continue? This is something to watch closely.

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Will the momentum of the euro-dollar pair, which has rebounded sharply, continue? This is something to watch.

18.01.2024

Today's Highlights
  1. Percentage of New Zealand Government Bonds Held by Non-Residents
  2. U.S. Housing Starts

In the U.S. currency market yesterday, the U.S. dollar rose against the yen after the release of U.S. December retail sales data showed an improvement from 0.3% the previous month to 0.6%, with the core index also rising from 0.2% to 0.4%.The USD/JPY pair rose from 147.040, breaking above the key 148-yen level to reach 148.523. It climbed to a level matching last month’s high. However, since the yen has weakened sharply for three consecutive weeks on the weekly chart, investors should be wary of a potential corrective move.

European currencies saw the euro trade in a tight range against the U.S. dollar after the final figures for the EU’s December consumer price index, released yesterday, showed no change from the previous month’s 2.9%, with the core year-over-year rate also remaining at 3.4%. The euro/dollar pair fell to 1.0846 before rebounding sharply.The rebound continued during today’s Asian trading session, with the pair rising to 1.0903. Notably, the EUR/USD pair rebounded after touching its 75-day moving average. We will be watching closely to see if the euro recovers ahead of next week’s ECB meeting.

Today’s schedule includes Australian employment figures at 9:30, New Zealand’s non-resident government bond holdings at 11:00, Japan’s industrial production at 13:30, Hong Kong’s employment figures at 17:30, the Eurozone’s current account balance at 18:00,EU construction output, and South African mining production at 19:30; remarks by SNB Governor Jordan at 19:30; Brazil’s IBC-BR Economic Activity Index at 21:00; remarks by Atlanta Fed President Bostic at 21:30;Atlanta Fed President Bostic’s remarks; at 22:30, U.S. housing starts, initial jobless claims, and the Philadelphia Fed Business Outlook Index; at 25:00, U.S. weekly crude oil inventories; and at 27:00, a U.S. 10-year Treasury auction are scheduled.I want to carefully monitor the situation to see if the momentum behind the euro’s sharp recovery against the U.S. dollar will continue.

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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