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Should We Wait and See How the Euro/Dollar Exchange Rate Develops as the Downward Trend Continues?

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Should We Wait and See How the Euro/Dollar Exchange Rate Develops as the Downward Trend Continues?

09.01.2025

Today's Highlights
  1. Europe: ECB Monthly Report
  2. Challenger's Projected U.S. Job Cuts

In the U.S. currency market the previous day, the Canadian dollar fell against the yen. The CAD/JPY pair fell from 110.278 to 109.872.On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the pair is maintaining the upward rebound trend that has continued since the beginning of this month, trading above the 20-period MA. On the daily chart, the upside is facing resistance just below the 200-period simple moving average (SMA).

Among European currencies, the euro fell against the U.S. dollar. The euro/dollar exchange rate dropped from 1.0357 to 1.0273, marking its second consecutive day of decline.On the 4-hour chart, the price has reversed near the 75-period moving average (MA), while on the daily chart, a downtrend—with the 20-period MA capping the upside—has been ongoing since last October. We will be watching price movements during European trading hours to see if the euro shows signs of a reversal against the U.S. dollar.

Today’s schedule includes German industrial production and trade balance at 16:00, the ECB’s monthly report at 18:00, and European retail sales at 19:00,at 9:30 PM, U.S. Challenger Layoff Announcements; at 11:00 PM, remarks by Harker, President of the Philadelphia Fed; at 11:05 PM, remarks by Collins,President of the Boston Fed, at 25:00 remarks by UK BOE Deputy Governor Breeden, at 26:45 remarks by U.S. Richmond Fed President Barkin, and at 27:35 remarks by U.S. Federal Reserve Governor Bowman.We intend to carefully monitor price movements in the EUR/USD pair, which continues to trend downward.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous Article

Will the U.S. dollar, which has been strengthening in U.S. trading hours, see a shift following the release of the FOMC minutes? Watch for developments.

Next Article

With the Canadian dollar facing resistance at higher levels, attention may turn to its potential rebound during U.S. trading hours
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