Market participants are likely keeping a close eye on the downside potential of the euro, which fell following the deterioration of Germany’s PMI

Market participants are likely keeping a close eye on the downside potential of the euro, which fell following the deterioration of Germany’s PMI

24.06.2024

Last weekend, the U.S. dollar rose during U.S. trading hours after the U.S. June PMI Purchasing Managers' Index, released on the 21st, showed that both the manufacturing and services sectors exceeded the previous month's figures. 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 on the hourly chart.On the 4-hour chart, the pair is rising along the 10-period moving average, and on the daily chart, the candlesticks have extended to the +3σ level of the Bollinger Bands.

European currencies fell against the U.S. dollar as the preliminary June manufacturing and services PMI figures for Germany, 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 fell after touching the 20-period MA, so we should remain cautious about continued weakness in the euro during European trading hours.

Today, at 2:00 PM, Singapore’s Consumer Price Index; at 4:00 PM, Turkey’s Capacity Utilization Rate; at 5:00 PM, Germany’s IFO Business Climate Index, Taiwan’s Unemployment Rate, Taiwan’s Industrial Production, and the Philippines’ Retail Sales; at 7:00 PM, the UK’sCBI Trends, at 8:00 PM the Brazilian Consumer Confidence Index, at 9:00 PM the Mexican Consumer Price Index, at 11:30 PM U.S. Dallas Fed Manufacturing Activity Index at 11:30 PM, U.S. 6-month Treasury auction at 12:30 AM, remarks by BOC Governor Macklem at 2:30 AM, and remarks by U.S. San Francisco Fed President Daly at 3:00 AM. We will closely monitor the downside potential for the euro, which fell following the deterioration of the German PMI.

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