Market participants are likely waiting to see if the euro’s rebound against the dollar will hold
16.12.2024
- Canada: Housing Starts
- Eurozone Manufacturing/Non-Manufacturing PMI
Last weekend, the Canadian dollar rose against the yen after Canada’s October manufacturing sales, released on the 13th, improved to +2.1% from -0.5% the previous month. The CAD/JPY pair rose from 107.227 to 108.064. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the pair has pulled back slightly after touching the 200-period EMA, but on the daily chart, it is currently attempting to break above the 20-period MA, which had previously served as resistance.
Among European currencies, the euro rebounded against the U.S. dollar. The EUR/USD pair rose from 1.0453 to 1.0523. The hourly RSI recovered from 40 to 63. On the 4-hour chart, the price has moved from below the 20-period moving average to above it, and on the daily chart, a rebound has occurred without breaking last month’s low. We will closely monitor whether the euro’s rebound against the U.S. dollar continues.
Today’s schedule includes UK Rightmove house prices at 9:01, China’s industrial production at 11:00, remarks by ECB President Lagarde at 16:15, Swiss producer import prices at 16:30, France’s manufacturing and non-manufacturing PMIs at 17:15, Germany’s manufacturing and non-manufacturing PMIs at 17:30, and the Eurozone manufacturing andNon-Manufacturing PMI at 18:30, UK Manufacturing/Non-Manufacturing PMI at 18:30, Canada Housing Starts at 22:15, US NY Fed Manufacturing Index at 22:30, Canada Existing Home Sales at 23:00, and US Manufacturing/Non-Manufacturing PMI at 23:45. We will cautiously monitor the sustainability of the euro’s rebound against the US dollar.
Author: Keisuke Sakurai
