Will the market wait and see how currency strength plays out on the last day of the fiscal year?
29.03.2024
- France: Consumer Price Index
- Rice · Wholesale Inventory
In the U.S. currency market yesterday, the U.S. dollar rose against the euro after the University of Michigan’s March Consumer Sentiment Index, released yesterday, improved to 79.4 from 76.5 the previous month.The EUR/USD pair fell from 1.0827 to 1.0774. A downtrend has formed along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the price is moving along the -2σ line of the Bollinger Bands, so we should watch for any shifts in market sentiment following today’s key speeches.
European currencies faced resistance, as the euro struggled to gain ground despite yesterday’s release of Germany’s March employment data showing the unemployment rate remained unchanged from the previous month at 5.9%. The euro/yen pair fell from 163.858 to 163.112. The hourly RSI has been hovering below 50. On the daily chart, the pair is trading just below the 20-day moving average, while the middle line of the Bollinger Bands is trending upward; we will be watching closely to see if any changes occur on the last trading day of the month.
Today’s economic indicators include Japan’s Tokyo Consumer Price Index and employment statistics at 8:30 a.m., Japan’s industrial production at 8:50 a.m., Turkey’s current account balance at 4:00 p.m., Thailand’s trade balance at 4:30 p.m.,at 4:45 PM: France’s Consumer Price Index, Producer Price Index, and Consumer Spending; at 9:30 PM: U.S. Personal Income, Wholesale Inventories, and PCE Deflator; at 12:15 AM: U.S. Daily: Remarks by the President of the San Francisco Fed; and at 12:30 AM: Remarks by Fed Chair Powell.We intend to carefully monitor currency strength and weakness on this final day of the fiscal year.
Author: Keisuke Sakurai
