Should We Keep an Eye on the Uptrend in Dollar-Straight Currency Pairs?
29.02.2024
- German Employment Statistics
- U.S. Initial Unemployment Insurance 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 -3.22 billion Canadian dollars to -1.62 billion Canadian dollars.The USD/CAD pair rose from 1.3517 to 1.3607, forming an uptrend along the 10-period moving average on the hourly chart. Since the USD/CAD pair is showing a pattern of higher lows on the daily chart, traders should remain cautious about further upside potential.
Despite the fact that the Eurozone’s February business sentiment index, released yesterday, fell to 95.4 from 96.2 the previous month, the euro rose against the pound.The euro/pound pair rose from 0.8546 to 0.8565, temporarily breaking above the 200 EMA on the 4-hour chart. Since the euro/pound pair is showing a lack of 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 at 16:00, Thailand’s trade balance at 16:30,at 4:45 PM, France’s Consumer Price Index and Producer Price Index; at 5:00 PM, Taiwan’s Industrial Production; at 5:55 PM, Germany’s Employment Statistics; at 6:30 PM, the UK’s Consumer Credit Balance; at 10:00 PM, Germany’sConsumer Price Index, at 22:30: U.S. Initial Jobless Claims and Canada’s Real GDP, and at 22:30: U.S. Personal Income, U.S. PCE Deflator, and the U.S. Chicago PMI. We will closely monitor the price movements of dollar-straight pairs, which are currently showing strength.
Author: Keisuke Sakurai
