Should we wait and see how far the euro-dollar pair will rise after three consecutive days of gains?
13.02.2025
- ECB Monthly Report
- U.S. Producer Price Index
In the U.S. currency market yesterday, the Canadian dollar surged sharply against the yen. The CAD/JPY pair rose from 106.597 to 108.280, establishing an uptrend along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the price has broken above the 200-period EMA, which had been acting as an upper resistance level, and on the daily chart, it has significantly surpassed this month’s high. We will need to monitor price movements during U.S. trading hours to see if the Canadian dollar continues to gain strength against the yen.
Among European currencies, the euro strengthened against the U.S. dollar. The EUR/USD pair rose from 1.0317 to 1.0429. On the hourly chart, the price moved upward from the -3σ to the +3σ Bollinger Bands. On the 4-hour chart, the price has risen to a level where it could break this week’s high. On the daily chart, it is approaching this month’s high and is currently aiming to reach the resistance line at the 75-day moving average.
Today’s schedule includes Japan’s Domestic Corporate Goods Price Index at 8:50, UK Q4 GDP, UK Industrial Production, UK Manufacturing Output, and Germany’s Consumer Price Index at 16:00; Switzerland’s Consumer Price Index at 16:30; the ECB’s Monthly Report at 18:00; andIndustrial Production, at 10:30 PM US Initial Jobless Claims and US Producer Price Index, at 12:30 AM US Weekly Natural Gas Inventories, at 2:00 AM remarks by German Bundesbank President Nagel, and at 3:00 AM a US 30-year Treasury auction. I intend to cautiously monitor the upside potential of the euro/dollar pair, which has been rising for three consecutive days.
Author: Keisuke Sakurai
