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Market Participants May Be Keeping a Close Eye on the Rising Euro-Dollar Exchange Rate

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Market Participants May Be Keeping a Close Eye on the Rising Euro-Dollar Exchange Rate

12.02.2024

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. Remarks by Bowman, Member of the Federal Reserve Board

In the U.S. currency markets last weekend, the Canadian dollar rose against the yen immediately after the release of Canada’s January employment statistics on the 9th, as the unemployment rate improved from 5.8% to 5.7%.The CAD/JPY pair rose from 110.785 to 111.321 before plunging sharply. As it is currently trading around 110.852 during today’s Asian session, it will be important to watch for any directional movement—specifically whether the pair will decline during U.S. trading hours.

European currencies rose against the U.S. dollar after Germany’s January consumer price index, released last weekend, came in at 2.9% year-over-year—unchanged from the previous month.The EUR/USD pair rose from 1.0762 to 1.0799, breaking above the 200-period simple moving average (SMA) on the hourly chart. We will be watching price movements during European trading hours to see if the euro continues to rise against the U.S. dollar.

Today’s economic indicators include Turkey’s unemployment rate at 16:00, India’s Consumer Price Index at 21:00, Russia’s trade balance at 23:00, remarks by U.S. Federal Reserve Governor Bowman at 23:20, and at 26:00, U.S. Federal Reserve Governor Barkin:Richmond Fed President, at 27:00 UK: BOE Governor Bailey’s remarks, U.S.: Kashkari, Minneapolis Fed President’s remarks, at 28:00 U.S.: Budget Balance, and at 6:55 the following day: Australia: RBA Governor Kohler’s remarks.We will closely monitor the rising EUR/USD exchange rate.

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 focused primarily 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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