Should We Keep a Close Eye on the Euro, Whose Uptrend Shows No Signs of Slowing?
22.02.2024
- European Manufacturing/Services PMI
- European Consumer Price Index
In yesterday’s U.S. currency trading, the U.S. dollar weakened against the euro after the U.S. MBA Mortgage Applications Index, released yesterday, deteriorated from the previous reading of -2.3% to -10.6%. The euro rose against the dollar from 1.0789 to 1.0823.The pair continued to rise during today’s Asian session, showing an uptrend along the 10-period moving average (MA) from the 20-period MA. We will be watching to see if the U.S. dollar continues to weaken into the European session.
The euro rose against the yen as the European currency benefited from an improvement in the February consumer confidence index, which rose to -15.5 from -16.1 the previous month.The euro/yen pair rose by about 1 yen, from 161.940 to 162.932. This marks the sixth consecutive day of gains. We will carefully assess whether the euro will continue to rise against the yen and reach the recent high of around 163.600.
Today’s schedule includes Japan’s domestic and foreign securities investment at 8:50, Indonesia’s current account balance at 12:00, and India’sManufacturing/Services PMI, at 16:45 France’s Business Sentiment, at 17:15 France’s Manufacturing/Services PMI, at 17:30 Germany’s Manufacturing/Services PMI, at 18:00 the Eurozone’s Manufacturing/Services PMI, at 18:30 the UK’sManufacturing/Services PMI at 17:30, Eurozone Consumer Price Index at 19:00, Canada Retail Sales and U.S. Initial Jobless Claims at 22:30, U.S. PMI at 23:45, and U.S. Existing Home Sales at 24:00.We will be closely monitoring the euro, as its upward momentum shows no signs of abating.
Author: Keisuke Sakurai
