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

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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 fell 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), and 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 continues to weaken against the yen.

European currencies rose, with the euro strengthening against the yen after 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 U.S. Federal Reserve Bank of Atlanta President Bostic:remarks by Atlanta Fed President Bostic; at 28:00, remarks by San Francisco Fed President Daily; 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 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.

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