Market participants are keeping a close eye on the upside potential of the euro, which continues to rise
29.05.2024
- Germany's GfK Consumer Confidence Index
- U.S. MBA Mortgage Applications Index
In yesterday's U.S. currency trading, the US dollar faced resistance throughout the day. GBP/USD rose from 1.2762 to 1.2800, finding support at the 20-period moving average on the hourly chart. On the 4-hour chart, the pair is trading along the +2σ line of the Bollinger Bands. The daily chart shows a similar trend, and with the RSI hovering just below 70, traders should be on the lookout for a potential pullback during European trading hours.
European currencies rose against the yen as Germany’s April wholesale price index, released yesterday, improved year-on-year from -3.0% in the previous month to -1.8%.The EUR/JPY pair rose from 170.169 to 170.797, moving above the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, a band walk along the +2σ line of the Bollinger Bands has been confirmed, and on the daily chart, prices are moving above the 10-period MA; therefore, we will be closely monitoring the potential for further gains during European trading hours.
Today’s schedule includes the Australian Westpac Leading Index at 9:30, the New Zealand Business Confidence Index at 10:00, the Australian Consumer Price Index at 10:30, the Japanese Consumer Sentiment Index at 14:00, the German GfK Consumer Confidence Index and Swedish Retail Sales at 15:00, the French Consumer Confidence Index at 15:45, and the Eurozone Money Supply at 17:00,at 8:00 PM the U.S. MBA Mortgage Applications Index, at 8:30 PM Brazil’s Fiscal Balance, at 8:30 PM India’s Money Supply, at 9:00 PM Germany’s Consumer Price Index and Brazil’s Employment Statistics, at 11:00 PM the U.S. Richmond Fed Manufacturing Index, and at 3:00 AM the U.S. Federal Reserve Beige Book.We will closely monitor the upside potential of the euro, which continues to rise.
Author: Keisuke Sakurai
