Will the market keep a close eye on the direction of the euro following the rise in the consumer price index?
04.02.2025
- U.S. JOLTS Job Openings
- Japan: Monetary Base
In yesterday’s U.S. currency trading, the U.S. dollar weakened against the yen. The USD/JPY pair fell from 155.868 to 154.019. The upward trend along the 20-period moving average (MA) on the hourly chart has reversed. On the 4-hour chart, the pair is facing resistance at the 75-period MA, while on the daily chart, the downward trend 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 continues to weaken against the yen.
European currencies rose against the yen after preliminary data released yesterday showed that the Eurozone’s January Harmonized Index of Consumer Prices (HICP) rose to 2.5% year-on-year, up from 2.4% the previous month. The euro/yen pair rose from 157.962 to 160.174. On the hourly chart, the price has 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 a.m., Japan’s monetary base at 8:50 a.m., France’s fiscal spending at 4:45 p.m., U.S. JOLTS job openings, U.S. manufacturing orders, and U.S. durable goods orders at midnight, remarks by Bostic, President of the Atlanta Fed, at 1:00 a.m., and Daily’s remarks at 4:00 a.m.San Francisco Fed President remarks, and at 6:45 the following day, New Zealand Q4 Unemployment Rate. I want to carefully assess the direction of the euro following the rise in the Consumer Price Index.
Author: Keisuke Sakurai
