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Concerns Over Further Declines in the Euro Against the Yen

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Concerns Over Further Declines in the Euro Against the Yen

17.06.2024

Today's Highlights
  1. UK LightMove Housing Prices
  2. New York Fed Manufacturing Index

Last weekend, the three major stock indices in the U.S. market showed mixed performance, with stock prices remaining flat amid rising interest rates and higher crude oil prices.WTI crude oil rose to $78.9. Natural gas, on the other hand, fell 4.2% and is trading in the $2.8 range. The five major precious metals showed mixed performance; gold, which stood out with gains, rose 0.5% from the previous day to around $2,323.

In the foreign exchange market, the euro fell against the yen despite the fact that the seasonally adjusted European trade balance for April, released on the 14th, increased to 19.4 billion euros from 17.3 billion euros the previous month.The EUR/JPY pair fell from 169.795 to 167.507. It broke below the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, it has broken below the 200-period simple moving average (SMA) support line, and on the daily chart, it has touched the -3σ Bollinger Band, so traders should be wary of a continued decline during European trading hours.

Today’s economic indicators include the UK LightMove House Price Index at 8:01, Japan’s Machinery Orders at 8:50, China’s New Home Sales Prices at 10:30, China’s Industrial Production and Retail Sales at 11:00,6:00 PM: Remarks by ECB President Lagarde (EU), 9:15 PM: Canadian Housing Starts, 9:30 PM: Canadian International Securities Turnover, 9:30 PM: U.S. New York Fed Manufacturing Index,22:00: Canada—Existing Home Sales; 24:30: U.S.—6-Month Treasury Bill Auction; 25:00: U.S.—Remarks by Williams, President of the New York Fed; 26:00: U.S.—Remarks by Harker, President of the Philadelphia Fed.We should remain cautious about the downside potential for the euro, which has fallen against the yen.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Should We Keep an Eye on the Upside Potential for the Franc-Yen Pair, Which Rose Despite a Deterioration in the PPI?

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Will the Japanese yen, which is facing resistance on the upside, extend its decline? Stay tuned.
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