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Will the Market Keep a Close Eye on the Euro's Direction Following the Rise in the Consumer Price Index?

Market Report

Will the Market Keep a Close Eye on the Euro's Direction Following the Rise in the Consumer Price Index?

04.02.2025

Today's Highlights
  1. U.S. JOLTS Job Openings
  2. Japan: Monetary Base

In the U.S. currency market yesterday, the U.S. dollar fell against the yen. The USD/JPY pair dropped from 155.868 to 154.019, reversing its upward trend along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair is facing resistance at the 75-period moving average (MA), while on the daily chart, the downtrend along the 20-period MA continues. We will need to monitor price movements during U.S. trading hours to see if the U.S. dollar will continue to weaken against the yen.

European currencies rose against the yen as the preliminary January Harmonized Index of Consumer Prices (HICP) for the eurozone, released yesterday, showed a year-over-year increase of 2.5%, up from 2.4% the previous month.The euro/yen pair rose from 157.962 to 160.174. On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the candlesticks have fallen to the -3σ level of the Bollinger Bands.

Today’s economic indicators include: New Zealand housing permits at 6:45, Japan’s monetary base at 8:50, France’s fiscal spending at 16:45, U.S. JOLTS job openings, U.S. manufacturing orders, and U.S. durable goods orders at 24:00, and at 25:00, remarks by Bostic:remarks by Bostic, President of the Atlanta Fed; at 28:00, remarks by Daily, President of the San Francisco Fed; and at 6:45 the following day, New Zealand’s fourth-quarter unemployment rate. I want to carefully assess the direction of the euro following the rise in the Consumer Price Index.

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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