With U.S. markets closed, should we wait and see which direction the USD/JPY pair takes?
03.09.2024
- Rice · Construction Expenditures
- Turkey: Consumer Price Index
In the currency markets yesterday, the U.S. dollar rose against the yen despite the U.S. stock market being closed. The USD/JPY pair rose from 145.767 to 147.209. It bounced off the 20-period moving average (MA) on the hourly chart, which acted as a support level. On the 4-hour chart, the pair has already broken above the 75-period MA resistance line, and on the daily chart, it is positioned just below the 20-period MA. We will be watching to see if the U.S. dollar continues to rise against the yen.
European currencies saw the euro rise slightly against the U.S. dollar after Germany’s final August manufacturing PMI was revised upward to 42.4 from 42.1 the previous month.The EUR/USD pair rose from 1.1040 to 1.1077. It broke out from below the 20-period moving average (MA) on the hourly chart to trade above it. On the 4-hour chart, the 20-period MA remains a resistance level, and during today’s Asian session, the pair is falling back with enough momentum to potentially erase yesterday’s gains.
Today’s economic indicators include South Korea’s Consumer Price Index at 8:00, the UK’s BRC Same-Store Sales at 8:01, Japan’s Monetary Base at 8:50, Australia’s Current Account Balance at 10:30, Switzerland’s Consumer Price Index at 15:30, France’s Budget Balance at 15:45, and Switzerland’s Q2 Real GDP at 16:00,Turkey’s CPI, South Africa’s real GDP at 6:30 PM, Mexico’s employment report and Brazil’s real GDP at 9:00 PM, the U.S. PMI at 10:45 PM, U.S. construction spending and the U.S. ISM Manufacturing Index at 11:00 PM, and remarks by German Bundesbank President Nagel at 1:45 AM.With U.S. markets closed, we will carefully monitor the direction of the USD/JPY pair, which has been trading firm.
Author: Keisuke Sakurai
