Keep an eye on the upward trend in the dollar-yen exchange rate

Keep an eye on the upward trend in the dollar-yen exchange rate

29.02.2024

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 CAD 3.22 billion to a deficit of CAD 1.62 billion.The USD/CAD pair rose from 1.3517 to 1.3607. An uptrend has emerged 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 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 EUR/GBP pair rose from 0.8546 to 0.8565, temporarily breaking above the 200-period EMA on the 4-hour chart. Since the EUR/GBP pair is showing directionless price action 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 upward trend in dollar-straight pairs.

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