Markets May Keep a Close Eye on Euro Movements as Germany's Unemployment Rate Worsens
31.10.2024
- Japan: Industrial Production
- France: Consumer Price Index
In yesterday’s U.S. currency trading, the U.S. dollar traded sideways against the yen. The USD/JPY pair fluctuated between 153.493 and 152.781, with price action straddling the 20-period moving average on the hourly chart.On the 4-hour chart, the pair is currently finding support just below the 20-period moving average. Meanwhile, during today’s Asian trading session, the U.S. dollar has weakened against the yen, with the yen strengthening to the low 152-yen range.
Despite the fact that Germany’s October employment figures, 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 its move to the +3σ level of the hourly Bollinger Bands. On the 4-hour chart, the 20-period moving average (MA) is acting as support, and the pair has rebounded firmly; 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, retail sales, and foreign and domestic securities investment at 8:50, New Zealand’s ANZ Business Confidence Index at 9:00, Australia’s import price index and retail sales at 9:30,10:30 China’s Manufacturing and Services PMI, 15:30 Japan’s press conference with Bank of Japan Governor Ueda, 16:00 Turkey’s trade balance, 16:45 France’sConsumer Price Index, 19:00: Eurozone Consumer Price Index, 21:00: Brazil Employment Statistics, 21:30: Canada Real GDP, U.S. PCE Deflator, U.S. Initial Jobless Claims, and 22:45: U.S. Chicago Purchasing Managers’ Index.We will carefully assess the euro’s price movements following the worsening of Germany’s unemployment rate.
Author: Keisuke Sakurai
