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With the Eurozone HICP Unchanged, All Eyes Are on the Future of the Euro/Yen Pair as It Finds Support at Lower Levels

Market Report

With the Eurozone HICP unchanged, all eyes are on the future of the euro-yen pair, which has found support at lower levels

19.09.2024

Today's Highlights
  1. Australian Employment Statistics
  2. Philadelphia Fed Business Conditions Index

In the U.S. currency market the previous day, the U.S. dollar plummeted immediately after the release of the FOMC decision, as the Federal Open Market Committee cut the policy interest rate by 0.5 percentage points for the first time in four and a half years.The USD/JPY pair temporarily plummeted from 142.067 to 140.431. It then rebounded sharply to 142.720 following remarks by Federal Reserve Chair Powell. During today’s Asian trading session, the yen has continued to weaken, with the pair rising to 143.936.

European currencies saw the euro trade in a narrow range against the yen after yesterday’s release of the Eurozone’s August Harmonized Index of Consumer Prices (HICP) showed year-over-year inflation remained unchanged from the previous month at 2.2%.The euro/yen pair traded between 157.047 and 158.364, fluctuating around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the upside is being capped by the 75-period MA, while on the daily chart, the pair appears poised to rebound just below the 10-period MA.Since the pair has been rising during today’s Asian session, we will be watching its price action during the European session.

Today’s schedule includes Australian employment data at 10:30, Malaysia’s trade balance at 13:00, the Eurozone’s current account balance at 17:00, Hong Kong’s employment data at 17:30, and the UK’sthe BOE policy rate and statement, the Turkish TCMB policy rate and statement, a speech by German Bundesbank President Nagel at 8:30 p.m., a speech by Canadian BOC Deputy Governor Vincent at 9:00 p.m., the U.S. current account balance at 9:30 p.m.,U.S. Philadelphia Fed Business Outlook Index, and U.S. initial jobless claims; at 23:00, the U.S. Leading Economic Index; and at 23:00, U.S. existing home sales are scheduled. With the Eurozone HICP remaining unchanged, we will be watching the future direction of the euro/yen pair, which has found support at lower levels.

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.

Previous Article

Will the euro, which has been facing resistance at higher levels, rebound during U.S. trading hours, or should we wait and see?

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All eyes are on whether remarks by key figures will cause a shift in the euro’s trend
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