Market participants are likely to keep a close eye on price movements early next week
08.07.2024
- Japan Economic Watchers Survey
- Mexico Consumer Price Index
In the U.S. currency market the previous day, the U.S. dollar rose against the yen immediately following the release of the June U.S. employment report on the 5th, even though the unemployment rate worsened by 0.1 percentage points to 4.1% and nonfarm payrolls were revised down from 272,000 in the previous month to 206,000. The USD/JPY pair rose from 160.340 to 161.325 before gradually retreating.On the 4-hour chart, the pair is trading below the 20-day moving average (MA), and on the daily chart, it is in the process of breaking below the 10-day MA, which had previously served as support.
European currencies rose, with the euro gaining against the U.S. dollar after May retail sales in the eurozone, released on the 5th, rebounded to 0.3% year-on-year from 0.0% the previous month.The EUR/USD pair rose from 1.0797 to 1.0842, forming an uptrend along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is moving along the +2σ line of the Bollinger Bands, and on the daily chart, it has regained its position above the 200-period simple moving average (SMA).
Today’s economic indicators include Japan’s Monthly Labor Survey at 8:30 a.m., Japan’s Balance of Payments at 8:50 a.m., Japan’s Tankan Survey at 2:00 p.m., Germany’s Trade Balance at 3:00 p.m., Mexico’s Consumer Price Index at 9:00 p.m., and remarks by MPC member Haskell of the UK at 1:15 a.m.With Fed Chair Powell’s congressional testimony scheduled for later this week, we will first closely monitor price movements at the start of the week.
Author: Keisuke Sakurai
