Should we wait and see if the rebound in the euro-dollar exchange rate holds?

Should we wait and see if the rebound in the euro-dollar exchange rate holds?

16.12.2024

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 acted 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, the pair has rebounded without breaking below last month’s low. We will closely monitor whether the euro’s rebound against the U.S. dollar continues.

Today’s schedule includes the UK Rightmove House Price Index at 9:01, China’s Industrial Production at 11:00, remarks by ECB President Lagarde at 16:15, Switzerland’s Producer Import Prices at 16:30, France’s Manufacturing/Non-Manufacturing PMI at 17:15, Germany’s Manufacturing/Non-Manufacturing PMI at 17:30, and the Eurozone Manufacturing/Non-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.

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