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

Market Report

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

20.09.2024

Today's Highlights
  1. UK GFK Consumer Confidence Survey
  2. Prices of Agricultural and Mining Products

In the U.S. currency market yesterday, the U.S. dollar rose slightly against the yen after the U.S. August Leading Economic Index, released yesterday, improved to -0.2% from -0.6% the previous month.The USD/JPY pair rose from 141.893 to 143.942, extending its move to the +3σ level of the hourly Bollinger Bands. A similar price movement was observed on the 4-hour chart, and on the daily chart, the price has recovered to just below the 20-day moving average.

Among European currencies, the euro rose against the U.S. dollar ahead of remarks by ECB President Lagarde.The euro rose against the U.S. dollar from 1.1068 to 1.1178. It rebounded after finding support at the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the pair has risen from the -2σ to the +2σ levels of the Bollinger Bands, and on the daily chart, it is climbing at a pace that threatens to reach this month’s high.

Today’s schedule includes the UK GfK Consumer Confidence Survey at 8:01, Japan’s Consumer Price Index at 8:30, Japan’s Foreign and Domestic Securities Investment at 8:50, China’s Prime Lending Rate at 10:00,at 3:00 PM, UK Retail Sales and Germany’s Producer Price Index; at 3:45 PM, France’s Business Sentiment Index; at 4:00 PM, Turkey’s Consumer Confidence Index; at 9:15 PM, remarks by BOC Governor Maclem; at 9:30 PM, Canada’s Retail Sales;Canada: Mining Product Prices, Canada: Retail Sales; at 11:00 PM: Eurozone: Consumer Confidence Index; at 12:00 AM: Remarks by ECB President Lagarde. We will carefully monitor whether these key figures’ remarks lead to any changes in the euro’s direction.

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. He specializes in technical and fundamental analysis, drawing on his extensive experience.

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