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, forming a trend 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 has continued to hit new highs during today’s Asian trading session.
Among European currencies, the euro rose against the yen. The euro/yen pair rose from 159.862 to 161.671.The rise has been confirmed, 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. Additionally, on the daily chart, it is approaching this month’s high. We will need to keep a close eye on price movements during European trading hours to see if the euro continues to rise against the yen.
Today, the German GfK Consumer Confidence Index will be released at 15:00; the Swiss National Bank (SNB) will announce its policy rate and statement at 16:30; SNB Governor Jordan will deliver remarks at 17:00; and the Eurozone’sMonthly Report, at 21:30 the U.S. Initial Jobless Claims, U.S. Q2 GDP, and U.S. Durable Goods Orders, at 22:10 remarks by U.S. Federal Reserve Governor Kugler, U.S. Collins:President of the Boston Fed, at 22:15: U.S. remarks by Federal Reserve Chair Bowman, at 22:20: U.S. remarks by Federal Reserve Chair Powell, and at 22:30: remarks by European Central Bank President Lagarde.We will be watching closely to see if ECB President Lagarde’s remarks trigger any changes in the euro’s direction.
Author: Keisuke Sakurai
