Keep an eye on the upward trend in dollar-straight pairs
29.02.2024
- Exclusive: Employment Statistics
- U.S. Initial Jobless Claims
In the U.S. currency market yesterday, the Canadian dollar plummeted against the U.S. dollar despite the fact that Canada’s fourth-quarter current account balance, released yesterday, improved from the previous reading of a deficit of C$3.22 billion to a deficit of C$1.62 billion.The USD/CAD pair rose from 1.3517 to 1.3607. An uptrend has formed along the 10-period moving average (MA) on the hourly chart. Since the USD/CAD pair is showing a pattern of higher lows on the daily chart, caution is warranted regarding its upside potential.
Despite the release of yesterday’s Eurozone February business sentiment index, which fell to 95.4 from 96.2 the previous month, the euro rose against the pound. The EUR/GBP pair climbed from 0.8546 to 0.8565, temporarily breaking above the 200-period EMA on the 4-hour chart. As the EUR/GBP pair lacks a clear direction on the daily chart, traders should remain cautious ahead of economic data releases during European trading hours.
Today’s schedule includes Japan’s Industrial Production at 8:50, Thailand’s Manufacturing Production Index at 13:00, South Africa’s Money Supply at 15:00, Germany’s Retail Sales and Sweden’s Real GDP at 16:00,Turkey’s real GDP, Thailand’s trade balance at 4:30 PM, France’s Consumer Price Index and Producer Price Index at 4:45 PM, Taiwan’s industrial production at 5:00 PM, Germany’sEmployment Statistics at 18:30, UK Consumer Credit at 18:30, Germany Consumer Price Index at 22:00, US Initial Jobless Claims and Canada Real GDP at 22:30, and US Personal Income, US PCE Deflator, and US Chicago PMI at 22:30. We will closely monitor the price movements of dollar-straight pairs, which are showing signs of strength.
Author: Keisuke Sakurai
