All eyes are on whether the rising euro will maintain its momentum and continue to climb

All eyes are on whether the rising euro will maintain its momentum and continue to climb

26.04.2024

In U.S. trading hours yesterday, the U.S. dollar weakened against the euro. The EUR/USD pair rose from 1.0678 to 1.0740, rebounding from the 200-period EMA on the hourly chart. On the 4-hour chart, the pair is in an uptrend, supported by the 20-period MA, while on the daily chart, it is trading just below the 20-period MA. We will be watching closely to see if the U.S. dollar’s weakness continues.

European currencies rose against the yen after Germany’s May GfK consumer confidence index, released yesterday, improved to -24.2 from -27.4 the previous month. The euro/yen pair extended its gains for the fifth consecutive day, rising from 165.947 to 167.096. On the 4-hour chart, the pair is in an uptrend along the 10-day moving average, while the daily chart shows a band walk along the +2σ line of the Bollinger Bands.

Today’s economic indicators include: Japan’s Tokyo Consumer Price Index at 8:30, Australia’s Q1 Producer Price Index at 10:30, a press conference by Bank of Japan Governor Ueda at 15:30, France’s Consumer Confidence Index at 15:45, remarks by SNB Governor Jordan at 17:00, the Eurozone Money Supply at 17:00, Mexico’s Employment Statistics at 21:00,Brazil: Consumer Price Index; 9:30 PM: U.S. Personal Income, U.S. Personal Spending, U.S. PCE Deflator; 11:00 PM: U.S. University of Michigan Consumer Sentiment Index. We will carefully assess whether the rising euro will maintain its momentum and continue to climb.