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 U.S. currency trading the previous day, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 111.404 to 111.894.It has continued to rise during today’s Asian trading session, touching 111.933. On the hourly chart, the CAD/JPY pair is rising along the 20-period moving average (MA), and on the 4-hour chart, it is currently moving from below the 20-period MA to above it. We will be watching closely to see if the Canadian dollar maintains its momentum against the yen.
European currencies rose, with the euro gaining against the yen, partly because Germany’s February industrial production figures, released yesterday, showed a year-over-year decline of 4.9%, an improvement from the previous month’s 5.5% drop.The EUR/JPY pair rose 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 pair is trading above the 10-period MA, so we will be watching price movements closely 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 15:45, Taiwan’s Consumer Price Index at 17:00, the U.S. NFIB Small Business Optimism Index at 19:00, South Africa’s Manufacturing Production at 20:00,at 21:00, Mexico’s Consumer Price Index; at 25:30, remarks by SNB Vice Chairman Schlegel; and at 26:00, a U.S. 3-year Treasury auction. We want to carefully assess the direction of the rising euro.
Author: Keisuke Sakurai
