All eyes are on whether ECB President Lagarde’s remarks will cause a shift in the euro’s trajectory
26.09.2024
- Germany's GfK Consumer Confidence Index
- Remarks by U.S. Federal Reserve Chair Bowman
In the U.S. currency market yesterday, the U.S. dollar rose against the yen despite the fact that U.S. new home sales for August, released yesterday, deteriorated to a 4.7% decline from the previous month’s 10.6% increase.The USD/JPY pair rose from 142.887 to 144.844. A trend has emerged along the 10-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair has broken above the 200-period simple moving average (SMA) resistance line and continues to hit new highs during today’s Asian trading session.
Among European currencies, the euro rose against the yen. The EUR/JPY pair climbed from 159.862 to 161.671. The rally has been supported by the 20-period moving average on the hourly chart, and on the 4-hour chart, the pair is trading near the +2σ level of the Bollinger Bands. On the daily chart, it is approaching this month’s high. We will need to watch price movements during European trading hours to see if the euro continues to rise against the yen.
Today’s schedule includes the German GfK Consumer Confidence Index at 3:00 PM, the Swiss National Bank (SNB) policy rate and statement at 4:30 PM, remarks by SNB Governor Jordan at 5:00 PM, the Eurozone Monthly Report at 6:00 PM, U.S. Initial Jobless Claims and Q2 GDP at 9:30 PM,U.S. Durable Goods Orders, at 10:10 PM remarks by U.S. Federal Reserve Governor Kugler and U.S. Federal Reserve Bank of Boston President Collins, at 10:15 PM remarks by U.S. Federal Reserve Chair Bowman, at 10:20 PM remarks by U.S. Federal Reserve Chair Powell, and at 10:30 PM remarks by European Central Bank President Lagarde.We will be watching closely to see if ECB President Lagarde’s remarks will cause any shifts in the euro’s direction.
Author: Keisuke Sakurai
