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Will Market Participants Keep a Close Eye on the Rising Euro?

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Will Market Participants Keep a Close Eye on the Rising Euro?

24.04.2024

Today's Highlights
  1. UK CBI Business Survey
  2. Australia: First-Quarter Consumer Price Index

In the U.S. currency market yesterday, the U.S. dollar fell against the euro despite a slight improvement in the Richmond Fed Manufacturing Index—released yesterday—from -11 the previous month to -7.The EUR/USD pair rose from 1.0638 to 1.0710, breaking above the 200-period simple moving average (SMA) on the hourly chart. A strong uptrend has emerged on the 4-hour chart, with the price breaking above the 75-period SMA with a real body candle. Since the pair has broken above its recent high on the daily chart, we will be watching price action closely during European trading hours.

European currencies saw the euro strengthen during U.S. trading hours after Germany’s April manufacturing and services PMIs, released yesterday, both rose from the previous month. The euro/yen pair rose from 164.622 to 165.735, marking its third consecutive day of gains.On the 4-hour chart, a “band walk” along the +2σ line of the Bollinger Bands has been observed, and on the daily chart, the RSI remains just below 70, indicating that the upward trend is continuing. We will be closely monitoring whether further gains occur during U.S. trading hours.

Today’s economic indicators include Australia’s first-quarter Consumer Price Index at 10:30, Turkey’s Economic Sentiment Index, Turkey’s Capacity Utilization Rate, and Turkey’s Housing Price Index at 16:00, remarks by Nagel, President of the German Federal Bank, and at 17:00, Germany’sIFO Business Climate Index, at 19:00 the UK’s CBI Business Survey, at 20:00 the US’s MBA Mortgage Applications Index, at 21:30 the US’s MBA Mortgage Applications Index, at 21:30 Canada’s Retail Sales,U.S. Durable Goods Orders, U.S. Weekly Crude Oil Inventories at 23:30, and a U.S. 5-Year Treasury Auction at 26:00. I intend to carefully monitor the trend of the rising euro.

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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