Will the euro, now the weakest currency, show signs of a rebound, or should we wait and see?
30.01.2024
- UK Consumer Credit Outstanding Balances
- Europe: Fourth-Quarter GDP
In U.S. trading yesterday, the U.S. dollar weakened and fell against the yen. The USD/JPY pair dropped from 148.339 to 147.262. The yen has continued to strengthen during today’s Asian session, touching 147.189. Technically, the USD/JPY pair is hovering just below the 75-period moving average (MA) on the 4-hour chart, but since it has been making lower highs, traders should be wary of a break below the 75-period MA.
Among European currencies, the euro was the weakest performer throughout the day. The euro/yen pair fell by approximately 140 pips, from 160.831 to 159.418. The upward trend seen in the first half of this month has paused, resulting in a pullback to just below the daily 20-day moving average (MA). However, since the pair remains above the weekly 10-day MA, we will be watching closely to see if a rebound leads to a move toward new highs.
Today, at 3:30 PM, France’s Q4 GDP and consumer spending; at 4:00 PM, Switzerland’s trade balance; at 5:00 PM, Switzerland’s KOF Leading Index; at 6:00 PM, Germany’s Q4 GDP; at 6:30 PM, the UK’smortgage approvals, UK consumer credit balances, and UK mortgage lending; at 7:00 PM, Eurozone Q4 GDP; at 11:00 PM, US S&P/Case-Shiller Home Price Index; at 12:00 AM, US JOLTS job openings; and at 12:30 AM, remarks by German Bundesbank President Nagel.We will be watching closely to see if the euro, which has become the weakest currency, shows any signs of a rebound.
Author: Keisuke Sakurai
