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Market Participants May Keep a Close Eye on the Euro’s Downside Potential Following Weak German PMI Data

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Market Participants May Keep a Close Eye on the Euro’s Downside Potential Following a Drop Caused by Weaker German PMI

24.06.2024

Today's Highlights
  1. UK CBI Trends
  2. Mexico Consumer Price Index

Last weekend, the U.S. dollar rose during U.S. trading hours after the U.S. June PMI (Purchasing Managers’ Index) figures released on the 21st showed that both the manufacturing and services sectors exceeded the previous month’s readings.The USD/JPY pair rose from 158.678 to 159.812. It entered an uptrend, supported on the downside by the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is rising along the 10-period MA, and on the daily chart, the candlesticks have extended to the +3σ level of the Bollinger Bands.

European currencies fell as the euro weakened against the U.S. dollar after preliminary German manufacturing and services PMI figures for June, released on the 21st, came in below the previous readings for both sectors.The EUR/USD pair fell from 1.0720 to 1.0671. The price decline was driven by resistance at the 20-period moving average (MA) on the hourly chart. Similarly, on the 4-hour chart, the price touched the 20-period MA before falling, so traders should remain cautious of continued weakness in the euro during European trading hours.

Today, at 14:00, Singapore’s Consumer Price Index; at 16:00, Turkey’s Capacity Utilization Rate; at 17:00, Germany’s IFO Business Climate Index, Taiwan’s Unemployment Rate, Taiwan’s Industrial Production, and the Philippines’ Retail Sales; and at 19:00, the UK’sCBI Trends, at 20:00 the Brazilian Consumer Confidence Index, at 21:00 the Mexican Consumer Price Index, at 23:30 U.S. Dallas Fed Manufacturing Activity Index at 24:30, U.S. 6-month Treasury bill auction at 26:30, remarks by BOC Governor McClem at 27:00, and remarks by San Francisco Fed President Daily at 27:00.We will carefully monitor the downside potential for the euro, which fell following the deterioration of the German PMI.

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.

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