Market participants are likely to keep a close eye on the euro’s potential for recovery following the ECB announcement
15.04.2024
- Switzerland – Producer Import Prices
- Europe: Industrial Production
Last weekend, the U.S. dollar strengthened against the euro despite the fact that the University of Michigan’s April Consumer Sentiment Index, released on the 12th, fell to 77.9 from 79.4 the previous month. The EUR/USD pair fell from 1.0728 to 1.0622, dropping to the -2σ level of the hourly Bollinger Bands.On the 4-hour chart, the RSI has fallen below the oversold threshold of 30 to 20, and a similar oversold signal has appeared on the daily chart as well.
European currencies fell against the yen after the final reading of Germany’s March consumer price index, released last weekend, showed a year-over-year increase of 2.2%, unchanged from the previous month.The euro/yen pair fell from 164.395 to 162.273, touching the -3σ line of the hourly Bollinger Bands. Similarly, on the 4-hour chart, the pair fell to the -3σ line of the Bollinger Bands, and on the daily chart, price fluctuations are observed from the upper to the lower 20-day moving average.
Today’s economic indicators include Japan’s machinery orders at 8:50 a.m., Switzerland’s producer import prices and India’s wholesale prices at 3:30 p.m., Turkey’s employment statistics at 4:00 p.m., and the Eurozone’sIndustrial Production, at 19:00: Israel Employment Statistics, at 20:15: UK remarks by BOE Deputy Governor Breeden, at 21:15: Canada Housing Starts, at 21:30: Canada Manufacturing Sales, US NY Fed Manufacturing Index, US Retail Sales, and at 23:00: US Business Inventories, US NAHB Housing Market Index.We will closely monitor the euro’s potential for recovery after its initial weakness following the ECB announcement.
Author: Keisuke Sakurai
