Markets may be watching the euro's 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 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. During today's Asian trading 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 line on the hourly Bollinger Bands. On the 4-hour chart, the 20-period moving average 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, and Japan’s foreign/inward securities investment, at 9:00 AM: New Zealand ANZ Business Confidence, at 9:30 AM: Australia Import Price Index and Australia Retail Sales, at 10:30 AM: China Manufacturing/Services PMI, at 3:30 PM: Japan BOJ Governor Ueda’s press conference, at 4:00 PM: Turkey Trade Balance,4:45 PM: France – Consumer Price Index, 7:00 PM: Eurozone – Consumer Price Index, 9:00 PM: Brazil – Employment Statistics, 9:30 PM: Canada – Real GDP, U.S. – PCE Deflator, U.S. – Initial Jobless Claims, 10:45 PM: U.S. – Chicago PMI. We will carefully assess the euro’s price movements following the worsening of Germany’s unemployment rate.
Author: Keisuke Sakurai
