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Market Participants May Wait to See If the Euro-Dollar Rebound Is Sustainable

Market Report

Market Participants May Wait to See If the Euro-Dollar Rebound Is Sustainable

16.12.2024

Today's Highlights
  1. Canada: Housing Starts
  2. European Manufacturing/Non-Manufacturing PMI

In the U.S. currency markets 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.On the hourly chart, the pair has moved from below the 20-period moving average (MA) to above it. Although it briefly pulled back after touching the 200-period exponential moving average (EMA) on the 4-hour chart, it is currently attempting to break above the 20-period MA, which had been acting as resistance on the daily chart.

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 (MA) to above it, and on the daily chart, a rebound has begun 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 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, and France’s Manufacturing/Non-Manufacturing PMI at 5:30 p.m., German Manufacturing/Non-Manufacturing PMI at 5:30 p.m., Eurozone Manufacturing/Non-Manufacturing PMI at 6:00 p.m., UK Manufacturing/Non-Manufacturing PMI; at 22:15, Canada’s Housing Starts; at 22:30, the U.S. New York Fed Manufacturing Index; at 23:00, Canada’s Existing Home Sales; and at 23:45, the U.S. Manufacturing/Non-Manufacturing PMI are scheduled.We will cautiously monitor whether the rebound in the euro/dollar pair is sustainable.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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