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Market Participants May Keep a Close Eye on Currency Strength and Weakness Following the Holiday Break in Europe and the U.S.

Market Report

Market Participants May Keep a Close Eye on Currency Strength and Weakness Following the Holiday Break in Europe and the U.S.

26.12.2024

Today's Highlights
  1. Japan: Construction Contracts Awarded
  2. U.S. Initial Unemployment Insurance Claims

In the U.S. currency markets the previous day, there were no notable price movements as Europe and the U.S. were on Christmas holiday, and trading range remained limited.During today’s Asian trading session, the U.S. dollar rose against the yen. The USD/JPY pair edged up slightly from 157.074 to 157.476. On the 4-hour chart, the 10-period moving average is providing support on the downside, while on the daily chart, the pair is currently attempting to reach a new high near the +2σ level of the Bollinger Bands.

Among European currencies, the pound opened with a gap up of about 60 pips against the yen during today’s Asian trading session. GBP/JPY rose from 196.853 to 197.551, moving from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the 20-period moving average is providing solid support at the lower end, and the price is gradually forming higher lows. We will be watching closely to see if the pound’s momentum continues during today’s U.S. trading session.

Today’s economic indicators include Japan’s housing starts and construction orders at 14:00, Singapore’s manufacturing output at 14:00, the TCMB’s policy rate announcement and statement at 20:00, Russia’s foreign exchange reserves at 22:00,at 10:30 p.m., U.S. Initial Jobless Claims; at 3:00 a.m., U.S. Weekly Crude Oil Inventories; and at 3:00 a.m., a U.S. 7-Year Treasury Auction. We will carefully monitor currency strength and weakness as markets reopen following the European and U.S. holidays.

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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