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Should We Keep an Eye on the Upside Potential of the Euro, Which Is Rebounding?

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Should We Keep an Eye on the Upside Potential of the Euro, Which Is Rebounding?

03.04.2024

Today's Highlights
  1. European Consumer Price Index
  2. Turkey: Consumer Price Index

In U.S. currency trading the previous day, the U.S. dollar weakened against the euro after the U.S. February durable goods orders, released yesterday, fell by 0.1 percentage points to 1.3% from the previous month’s 1.4%. The EUR/USD pair rose from 1.0724 to 1.0778, marking its first daily bullish candle in six days.On the 4-hour chart, the EUR/USD pair is attempting to rise from just below the 20-period moving average, so it will be important to watch for any signs of the U.S. dollar losing momentum during European trading hours.

Despite the preliminary March consumer price index (CPI) for Germany, released yesterday, showing a year-over-year decline from 2.5% the previous month to 2.2%, the euro strengthened against the yen. The euro/yen pair rose from 162.623 to 163.377.The 200-period simple moving average (SMA) on the 4-hour chart acted as a support level. Since the pair has rebounded from the 20-period moving average (MA) on the daily chart, it will be worth watching whether the euro continues to rise during U.S. trading hours.

Today’s economic indicators include the China Caixin Services PMI at 10:45, France’s budget balance at 15:45, Turkey’s Consumer Price Index and Producer Price Index at 16:00, the Eurozone’s Consumer Price Index and unemployment rate at 18:00,at 20:00, the U.S. MBA Mortgage Applications Index; at 21:15, the U.S. ADP National Employment Report; at 21:30, remarks by U.S. Atlanta Fed President Bostic; at 22:45, the U.S. Services PMI and remarks by U.S. Federal Reserve Governor Bowman;at 23:00: U.S. ISM Non-Manufacturing PMI; at 23:30: U.S. Weekly Crude Oil Inventories; at 25:00: Remarks by U.S. Chicago Fed President Goolsbee; and at 25:10: Remarks by U.S. Federal Reserve Chair Powell are scheduled.We will cautiously monitor the upside potential of the euro, which is rebounding.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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