All Eyes on Whether the Euro's Direction Will Become Clear After the ECB Meeting
29.01.2024
- Norway: Credit Indicators
- U.S. 6-Month Treasury Bill Auction
In the U.S. currency markets last weekend, the U.S. dollar rose against the yen after data released on the 26th showed that U.S. personal income for December fell to 0.3% from 0.4% the previous month, while personal spending rose to 0.7% from 0.2% month-over-month.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 trading session, the USD/JPY has fallen slightly but has not fallen below the 20-period moving average (MA) on the hourly chart.
European currencies rose against the yen after the December M3 money supply for the eurozone, released on the 26th, showed a year-over-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 this range for the third consecutive day. On the daily chart, the euro/yen is hovering near the 10-day moving average (10MA) in the mid-160 yen range, and it remains to be seen whether the 10MA will act as support or resistance.
Today, at 6:45, New Zealand’s trade balance;at 4:00 p.m., Sweden’s GDP and retail sales, as well as Norway’s credit indicators; at 11:30 p.m., the U.S. Dallas Fed Manufacturing Activity Index; and at 1:30 a.m., U.S. 3-month and 6-month Treasury bill auctions are scheduled.Other than that, no other high-profile economic indicators or remarks by key figures are scheduled. We will be watching closely to see if the euro’s direction becomes clearer.
Author: Keisuke Sakurai
