Markets may be watching the euro's movements as Germany's unemployment rate worsens

Markets may be watching the euro's movements as Germany's unemployment rate worsens

31.10.2024

In yesterday’s U.S. currency trading, the dollar traded sideways against the yen. The USD/JPY pair fluctuated between 153.493 and 152.781, moving above and below the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is currently finding support just below the 20-period MA. Meanwhile, during today’s Asian session, the dollar has weakened against the yen, with the yen strengthening to the low 152-yen range.

Despite the fact that Germany’s October employment statistics, released yesterday, showed the unemployment rate worsening by 0.1 percentage points from the previous month’s 6.0% to 6.1%, the euro rose against the yen.The EUR/JPY pair rose from 165.506 to 166.581, extending as far as the +3σ level of the hourly Bollinger Bands. On the 4-hour chart, the 20-period moving average (MA) is acting as support, with a solid rebound taking place, while on the daily chart, the RSI has risen to around 70.

Today’s schedule includes South Korea’s industrial production at 8:00, Japan’s industrial production at 8:50, Japan’s retail sales, Japan’s foreign/inward securities investment, at 9:00 NZ ANZ Business Confidence, at 9:30 Australian Import Price Index and Australian Retail Sales, at 10:30 Chinese Manufacturing/Services PMI, at 15:30 a press conference by Bank of Japan Governor Ueda, at 16:00 Turkish Trade Balance,France’s Consumer Price Index at 4:45 PM, the Eurozone’s Consumer Price Index at 7:00 PM, Brazil’s Employment Statistics at 9:00 PM, Canada’s Real GDP and the U.S. PCE Deflator and Initial Jobless Claims at 9:30 PM, and the U.S. Chicago PMI at 10:45 PM. We will carefully assess the euro’s price movements following the worsening of Germany’s unemployment rate.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed