Should We Keep an 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 the U.S. currency market the previous day, the U.S. dollar faced resistance at higher levels throughout the day. GBP/USD rose from 1.2762 to 1.2800, trading within a range supported by 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 just below 70, traders should be on the lookout for a pullback during European trading hours.
European currencies rose against the yen as Germany’s April wholesale price index, released yesterday, improved year-over-year from the previous month’s -3.0% to -1.8%.The euro/yen pair rose from 170.169 to 170.797, trading 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 trading 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, and the GermanGFK Consumer Confidence Index and Sweden’s Retail Sales, at 15:45 the French Consumer Confidence Index, at 17:00 the Eurozone Money Supply, at 20:00 the U.S. MBA Mortgage Applications Index, at 20:30 Brazil’s Fiscal Balance,at 20:30, India’s money supply; at 21:00, Germany’s Consumer Price Index and Brazil’s employment statistics; at 23:00, the U.S. Richmond Fed Manufacturing Index; and at 27:00, the U.S. Federal Reserve’s Beige Book.We will cautiously monitor the upside potential of the euro, which continues to rise.
Author: Keisuke Sakurai
