All eyes are on whether the euro’s direction will become clear following the ECB meeting
29.01.2024
- Norway: Credit Indicators
- U.S. 6-Month Treasury Bill Auction
Last weekend, the U.S. dollar rose against the yen after the December U.S. personal income data released on the 26th showed a decline from 0.4% in the previous month to 0.3%, while month-over-month spending rose from 0.2% to 0.7%.The USD/JPY pair rose from 147.398 to 148.322, breaking above the +3σ line of the hourly Bollinger Bands. During today’s Asian session, the USD/JPY has fallen slightly but has not fallen below the 20-period moving average (MA) on the hourly chart.
The euro rose against the yen after the European Union’s December M3 money supply, released on the 26th, showed a year-on-year increase of 0.1%, up from the previous month’s decline of 0.9%.The euro/yen pair rose from 159.825 to 160.920, trading within the same range for the third consecutive day. On the daily chart, the pair is hovering near the 10-day moving average (MA) around the mid-160 yen level, and it remains to be seen whether the 10-day MA will act as support or resistance.
Today’s schedule includes New Zealand’s trade balance at 6:45 a.m., Sweden’s GDP and retail sales, and Norway’s credit indicators at 4:00 p.m., the Dallas Fed Manufacturing Activity Index at 11:30 p.m., and U.S. 3-month and 6-month Treasury auctions at 1:30 a.m. No other high-profile economic indicators or remarks by key officials are scheduled.We will be watching closely to see if the euro’s direction becomes clearer.
Author: Keisuke Sakurai
