All eyes are on whether the euro, which has risen slightly, will continue to gain ground during European trading hours
28.10.2024
- UK CBI Retail Sales
- Dallas Fed Manufacturing Index
Last weekend, the Canadian dollar saw a seesaw movement against the yen after Canada’s August retail sales figures, released on the 25th, showed a decline from 0.9% in the previous month to 0.4%. The CAD/JPY pair traded between 109.342 and 109.930. Price action straddled the 20-period moving average (MA) on the hourly chart. Similarly, on the 4-hour chart, the pair remained stuck just below the 20-period MA.
European currencies saw the euro rise slightly against the yen after the German IFO Business Climate Index, released on the 25th, improved to 86.5 from 85.4 the previous month. The euro/yen pair rose from 163.943 to 164.787, moving from below the 20-period moving average on the hourly chart to above it. Furthermore, a strong rally has been observed during today’s Asian trading session, with the pair already surging to 166.017.
Today’s economic indicators include Thailand’s trade balance at 12:30, Sweden’s trade balance at 16:00, Hong Kong’s trade balance at 17:30, the UK’s CBI retail sales at 20:00, Mexico’s trade balance at 21:00,the Dallas Fed Manufacturing Index at 11:30 PM, the U.S. 6-month Treasury bill auction at 12:30 AM, and remarks by BOC Governor McClem at 2:30 AM. We will be watching closely to see if the euro, which has risen slightly, continues to gain ground during European trading hours.
Author: Keisuke Sakurai
