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Should we keep a close eye on the rising EUR/USD exchange rate?

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Should we keep a close eye on the rising EUR/USD exchange rate?

12.02.2024

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

Last weekend, following the release of Canada’s January employment statistics on the 9th, which showed the unemployment rate improving from 5.8% to 5.7%, the Canadian dollar rose against the yen immediately after the data was released.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, we should keep a close eye on whether the pair will extend its gains during U.S. trading hours.

European currencies rose against the U.S. dollar after Germany’s January consumer price index, released last weekend, showed a year-over-year increase of 2.9%, unchanged from the previous month. The euro rose against the dollar 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 dollar.

Today’s key economic indicators include Turkey’s unemployment rate at 4:00 PM, India’s Consumer Price Index at 9:00 PM, Russia’s trade balance at 11:00 PM, remarks by Fed Governor Bowman at 11:20 PM, remarks by Richmond Fed President Barkin at 2:00 AM, remarks by BOE Governor Bailey at 3:00 AM, and remarks by Kashkari:Minneapolis Fed President, at 2:00 AM: U.S. Budget Balance, and at 6:55 AM the following day: Remarks by RBA Governor Kolar. We will be closely monitoring the rising EUR/USD price action.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has focused primarily on foreign exchange trading and also has experience as an investment advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous article

Caution over the direction of the pound, which has risen on comments about inflation risks

Next Article

It may be worth keeping an eye on the upside potential of the broadly rising yen crosses

Past Market Reports

  1. 20.04.2026New

    With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

  2. 17.04.2026New

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

  3. 16.04.2026New

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

  4. 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

  5. 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?

  6. 13.04.2026

    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

  7. 10.04.2026

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

  8. 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?

  9. 08.04.2026

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

  10. 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

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