Attention is turning to the euro’s movements following the recovery in German industrial production

Attention is turning to the euro’s movements following the recovery in German industrial production

08.08.2024

In yesterday’s U.S. trading session, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 104.547 to 107.582, recovering to just below the 200-period EMA on the hourly chart. On the 4-hour chart, the RSI rebounded from 12 to 55. On the daily chart, the pair has recovered from the -3σ to the -2σ level of the Bollinger Bands. We will be watching price movements during U.S. trading hours to see if the Canadian dollar’s momentum continues.

European currencies saw the euro rise slightly against the yen after Germany’s June industrial production, released yesterday, improved year-on-year from a 6.7% decline in the previous month to a 4.1% decline.The euro rose against the dollar from 1.0905 to 1.0936, moving above the 20-period moving average (MA) on the hourly chart. Since the 20-period MA is acting as support on the 4-hour chart and the price is rising, we will be watching closely to see if the euro continues to climb during European trading hours.

Today’s schedule includes the UK RICS House Price Index at 8:01, Japan’s Balance of Payments and Foreign/Domestic Securities Investment at 8:50, remarks by RBA Governor Block at 11:40, India’s central bank policy rate at 13:30, and Japan’sEconomic Watchers Survey, at 20:00 South Africa’s Manufacturing Production, at 21:30 U.S. Initial Jobless Claims, at 23:00 U.S. Wholesale Inventories, at 23:30 U.S. Weekly Natural Gas Storage, at 26:00 U.S. 30-Year Treasury Auction, and at 28:00 remarks by U.S. Richmond Fed President Barkin.We want to closely monitor the euro’s movements following its rise on the back of a recovery in German industrial production.

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