Market participants are likely to keep a close eye on the euro’s upside potential following the strong rise in Germany’s ZEW Economic Sentiment Index

Market participants are likely to keep a close eye on the euro’s upside potential following the strong rise in Germany’s ZEW Economic Sentiment Index

15.05.2024

In U.S. trading yesterday, the Canadian dollar weakened as Canadian wholesale sales for March, 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.On the daily chart, the uptrend along the 10-day moving average continues, so we should watch for potential upside during U.S. trading hours.

European currencies rose against the U.S. dollar as the German ZEW Economic Sentiment Index for May, 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.

Today’s schedule includes the Australian Wage Price 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, Eurozone Real GDP and Industrial Production at 18:00, South Africa’s Retail Sales at 20:00,U.S. MBA Mortgage Applications at 1:30 PM, Canadian Housing Starts at 9:15 PM, Canadian Manufacturing Sales at 9:30 PM, U.S. Consumer Price Index, U.S. Retail Sales, U.S. Business Inventories at 11:00 PM, U.S. NAHB Housing Market Index, remarks by U.S. Federal Reserve Vice Chair Bar, U.S. Weekly Crude Oil Inventories at 11:30 PM, and Russian Real GDP at 1:00 AM.We will closely monitor the euro’s upside potential following the strong rise in Germany’s ZEW Economic Sentiment Index.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed