Should we keep an eye on the direction of the rising euro?
09.04.2024
- Japan Consumer Sentiment Index
- Australia's Westpac Consumer Confidence Index
In yesterday's U.S. currency trading, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 111.404 to 111.894.It has continued to rise during today’s Asian session, touching 111.933. On the hourly chart, CAD/JPY is seen rising along the 20-day moving average (MA), and on the 4-hour chart, it is currently rising from below the 20-day MA to above it. We will be watching closely to see if the Canadian dollar maintains its strength against the yen.
European currencies rose against the yen as German industrial production for February, released yesterday, showed a year-on-year decline of 4.9%, an improvement from the previous month’s 5.5% drop. The EUR/JPY pair climbed from 164.140 to 164.899, forming a trend along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the EUR/JPY is trading above the 10-period MA, so we will be watching price movements during European trading hours.
Today’s economic indicators include the UK BRC same-store sales at 8:01, the Australian Westpac Consumer Confidence Index at 9:30, the Australian NAB Business Confidence Index at 10:30, the Japanese Consumer Sentiment Index at 14:00, the Frenchtrade balance and current account balance, at 17:00 Taiwan’s Consumer Price Index, at 19:00 the U.S. NFIB Small Business Optimism Index, at 20:00 South Africa’s Manufacturing Production, at 21:00 Mexico’s Consumer Price Index, at 25:30 remarks by SNB Vice Chairman Schlegel, and at 26:00 the U.S. 3-year Treasury auction.We want to carefully assess the direction of the rising euro.
Author: Keisuke Sakurai
