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Will the euro, now the weakest currency, show signs of a rebound, or should we wait and see?

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Will the euro, now the weakest currency, show signs of a rebound, or should we wait and see?

30.01.2024

Today's Highlights
  1. UK Consumer Credit Balances
  2. Europe: Fourth-Quarter GDP

In U.S. trading yesterday, the U.S. dollar weakened and fell against the yen. The USD/JPY pair fell from 148.339 to 147.262.The yen has continued to strengthen during today’s Asian trading session, touching 147.189. From a technical perspective, USD/JPY is hovering just below the 75-period moving average (MA) on the 4-hour chart; however, as the pair has been forming lower highs, traders should be wary of a potential break below the 75-period MA.

Among European currencies, the euro was the weakest throughout the day. The euro/yen pair fell by about 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 15:30, France’s fourth-quarter GDP and consumer spending will be released; at 16:00, Switzerland’s trade balance;at 5:00 PM, the Swiss KOF Leading Index; at 6:00 PM, Germany’s fourth-quarter GDP; at 6:30 PM, the UK’s mortgage approvals, consumer credit balances, and mortgage-backed securities outstanding; at 7:00 PM, the Eurozone’s fourth-quarter GDP;at 23:00, the U.S. S&P/Case-Shiller Home Price Index; at 24:00, U.S. JOLTS Job Openings; and at 24:30, remarks by Nagel, President of the German Federal Bank. We will carefully assess whether the euro, which has become the weakest currency, will show any signs of a rebound.

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 with a particular focus 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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