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With the euro rising on the back of a strong German ZEW Economic Sentiment Index, attention is turning to its upside potential

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With the euro rising on the back of a strong German ZEW Economic Sentiment Index, attention is turning to its upside potential

15.05.2024

Today's Highlights
  1. Europe: Industrial Production
  2. U.S. Consumer Price Index

In U.S. currency trading yesterday, the Canadian dollar weakened during U.S. trading hours after Canada’s March wholesale sales figures, released yesterday, deteriorated to -1.1% from 0.0% the previous month.The AUD/CAD pair rose from 0.9004 to 0.9048. On the hourly chart, the 200-period SMA is acting as a support level, while on the 4-hour chart, the 75-period MA is providing support. Since the uptrend along the 10-period MA continues on the daily chart, we will be watching for potential upside during U.S. trading hours.

European currencies rose, with the euro gaining against the U.S. dollar after Germany’s May ZEW Economic Sentiment Index, released yesterday, rebounded to 47.1 from 42.9 the previous month, exceeding market expectations of 45.9.The EUR/USD pair rose from 1.0767 to 1.0825. A rebound was observed from the 20-period moving average (MA) on the hourly chart. Similarly, on the 4-hour chart, the 20-period MA is acting as a support level, and on the daily chart, the price has broken above the line where the long-term and short-term MAs converge with a real body.

Today’s schedule includes the Australian Wage Index at 10:30, Indonesia’s Trade Balance at 13:00, Sweden’s Consumer Price Index at 15:00, France’s Consumer Price Index at 15:45, the Eurozone’s Real GDP at 18:00, the Eurozone’sIndustrial Production, at 20:00 the South African Retail Sales and U.S. MBA Mortgage Applications Index, at 21:15 the Canadian Housing Starts and at 21:30 the Canadian Manufacturing Sales, U.S. Consumer Price Index, and U.S. Retail Sales, at 23:00 the U.S. Business Inventories,U.S. NAHB Housing Market Index, and remarks by U.S. Federal Reserve Vice Chair Bar; at 23:30, U.S. weekly crude oil inventories; and at 25:00, Russian real GDP. We will be closely monitoring the euro’s upside potential, given that the German ZEW Economic Sentiment Index rose on the back of strong data.

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.

Previous Article

With tomorrow’s U.S. CPI release approaching, will there be a shift in the U.S. dollar’s price movement? All eyes are on the U.S. dollar.

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