With European CPI falling, all eyes are on the euro-yen pair’s movements

With European CPI falling, all eyes are on the euro-yen pair’s movements

02.02.2024

In the previous day’s U.S. currency trading, following the FOMC meeting, the U.S. dollar became the weakest currency during U.S. trading hours. The USD/JPY pair fell from 147.115 to 145.893, hitting a new low for the week. U.S. employment data is scheduled for release today during U.S. trading hours; with the unemployment rate expected to rise by 0.1 percentage points to 3.8%, we should remain vigilant for volatility, as the dollar could see significant movement depending on the results.

Despite the fact that France’s January consumer price index, released yesterday, fell to 2.8% year-on-year from 2.9% the previous month, and the core year-on-year rate also declined, the euro rose against the yen.The EUR/JPY pair rose from 158.075 to 159.262, managing to avoid a break below the 75-day moving average on the daily chart. However, since the daily RSI has been trending downward from just below 70, traders should be cautious of a potential decline following a correction.

Today, at 9:30 AM, Australia’s Q4 Producer Price Index; at 4:30 PM, Thailand’s foreign exchange reserves; at 4:45 PM, France’sIndustrial Production, France’s Manufacturing Production Index, and France’s Fiscal Balance; at 5:00 PM, Brazil’s Consumer Price Index; at 9:00 PM, Brazil’s Industrial Production; at 9:15 PM, remarks by MPC member Pill; at 10:30 PM, U.S. Employment Report; and at midnight, the University of Michigan Consumer Sentiment Index and U.S. Manufacturing Orders Index.We will be closely monitoring the movement of the euro/yen pair, which rebounded despite the decline in the Eurozone CPI.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed