Should we wait and see how the EUR/USD exchange rate develops as the downtrend continues?
09.01.2025
- ECB Monthly Report
- Challenger Job Cuts Forecast (U.S.)
In yesterday's U.S. currency markets, the Canadian dollar fell against the yen. The CAD/JPY pair dropped 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 start 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 EUR/USD pair dropped from 1.0357 to 1.0273, marking its second consecutive day of decline. On the 4-hour chart, prices have reversed near the 75-day moving average (MA), while on the daily chart, a downtrend has persisted since last October, with the 20-day MA capping further gains. 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 4:00 PM, the ECB’s monthly report at 6:00 PM, Eurozone retail sales at 7:00 PM, U.S. Challenger job cuts forecast at 9:30 PM, remarks by Harker, President of the Federal Reserve Bank of Philadelphia, at 11:00 PM, and remarks by Collins,Boston Fed President, at 1:00 AM UK time: Remarks by BOE Deputy Governor Breeden, at 2:45 AM: Remarks by U.S. Richmond Fed President Barkin, and at 3:35 AM: Remarks by U.S. Fed Governor Bowman. We intend to closely monitor price movements in the EUR/USD pair, which remains in a downtrend.
Author: Keisuke Sakurai
