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Will the market wait and see how currency strength and weakness play out after the market closes?

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Will the market wait and see how currency strength and weakness play out after the market closes?

25.12.2024

Today's Highlights
  1. Turkey Manufacturing Confidence Index
  2. Thailand: Trade Balance

In U.S. currency trading the previous day, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 108.936 to 109.540. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the 10-period moving average (MA) is acting as a support level, while on the daily chart, the pair is currently attempting to break above the resistance line formed by the 200-period exponential moving average (EMA). It will be interesting to see if the Canadian dollar can maintain its momentum after Christmas.

Among European currencies, the pound rose against the U.S. dollar. The GBP/USD pair rose from 1.2518 to 1.2574. It climbed from below the 20-period moving average (MA) on the hourly chart to a level above the 75-period MA.On the other hand, on the 4-hour chart, the 20-period MA continues to act as resistance, indicating that the pair remains in a downtrend. On the daily chart, the RSI has fallen to 38 but still has room to drop further toward 30; therefore, traders should remain cautious about a continued decline in the pound following this correction.

Today’s economic indicators include Japan’s Leading Economic Index at 14:00, Japan’s Machine Tool Orders at 15:00, Thailand’s Trade Balance at 15:30,at 16:00, Turkey’s Capacity Utilization Rate and Manufacturing Confidence Index; at 20:30, India’s Money Supply; and at 25:00, Russia’s Industrial Production. Markets in Europe and the U.S. will be closed for the Christmas holiday. We intend to carefully monitor currency strength and weakness following the market closure.

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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