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

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Market Participants May Be Waiting 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

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. On the 4-hour chart, although the pair briefly pulled back after touching the 200-period exponential moving average (EMA), 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 (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 17:30, German Manufacturing/Non-Manufacturing PMI at 17:30, Eurozone Manufacturing/Non-Manufacturing PMI at 18:00, UK Manufacturing/Non-Manufacturing PMI; at 22:15, Canada’s Housing Starts; at 22:30, the U.S. NY Fed Manufacturing Index; at 23:00, Canada’s Existing Home Sales; and at 23:45, the U.S. Manufacturing/Non-Manufacturing PMI.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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