Investors should keep an eye on the resilience of cross-yen pairs in U.S. trading hours
30.04.2024
- European Union Harmonized Index of Consumer Prices (HICP)
- Rice & Housing Price Index
In the previous day’s U.S. currency trading, the Canadian dollar surged against the yen before retreating. The CAD/JPY pair rose from 115.319 to 117.324 before plummeting by approximately 4 yen.It fell to 113.157. The decline halted just below the 200-period SMA on the hourly chart, and during today’s Asian session, the pair is trading around 114.675. On the 4-hour chart, it is positioned just below the 20-period MA, while on the daily chart, it remains above the 10-period MA. We need to watch for signs of whether this rebound will continue and the Canadian dollar will rise further against the yen.
European currencies saw the euro trade in a tight range against the U.S. dollar after preliminary data released yesterday showed Germany’s April consumer price index remained unchanged year-over-year at 2.2% from the previous month, while the Harmonized Index of Consumer Prices (HICP) rose by 0.1 percentage points year-over-year to 2.4% from 2.3% the previous month.The EUR/USD pair traded in a range between 1.0682 and 1.0733, with price action centered around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 200-period exponential moving average (EMA) is acting as resistance, while on the daily chart, the pair is searching for direction just below the 20-period MA.
Today’s schedule includes South Korea’s industrial production at 8:00, Japan’s employment statistics at 8:30, Japan’s industrial production at 8:50, New Zealand’s ANZ business confidence at 10:00, China’s manufacturing and services PMI at 10:30, Australia’s retail sales at 10:30, Switzerland’s KOF leading index at 16:00, and Germany’semployment data at 8:30, Eurozone Consumer Price Index at 18:00, Brazil employment data at 21:00, Canada real GDP at 21:30, U.S. Housing Price Index at 22:00, U.S. Chicago PMI at 22:45, and U.S. Consumer Confidence Index at 23:00. We should pay close attention to the potential for a rebound in cross-yen pairs during U.S. trading hours.
Author: Keisuke Sakurai
