Market participants are likely to keep a close eye on the back-and-forth movement of the euro-dollar exchange rate during U.S. trading hours.

Market participants are likely to keep a close eye on the back-and-forth movement of the euro-dollar exchange rate during U.S. trading hours.

01.04.2025

In yesterday's U.S. currency trading, the dollar traded in a narrow range against the euro. The EUR/USD pair fluctuated between 1.0784 and 1.0847. On the hourly chart, the short- and long-term moving averages were clustered closely together, resulting in a lack of clear direction. On the 4-hour chart, price action was limited just below the 20-period moving average, while on the daily chart, the upside appeared capped just below the 10-period moving average, creating a heavy market environment.

Despite the preliminary March Harmonized Index of Consumer Prices (HICP) for Germany, released yesterday, showing a year-over-year decline of approximately 0.3 percentage points from the previous month’s 2.6% to 2.3%, the euro rose against the yen.The euro/yen pair rose from 161.051 to 162.481. 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 price has rebounded from the -3σ Bollinger Band, and on the daily chart, it is currently attempting to break above the resistance zone formed by the 200-period simple moving average (SMA).

Today’s economic indicators include Japan’s unemployment rate and the Bank of Japan’s Tankan survey for the first quarter at 8:30 a.m., Australia’s retail sales at 9:30 a.m., the RBA’s policy rate decision and statement at 12:30 p.m., remarks by RBA Governor Block at 1:30 p.m., the UK’s Nationwide house prices at 3:00 p.m., and Switzerland’s retail sales at 3:30 p.m.17:15 UK MPC Member Green’s remarks, 18:00 Eurozone CPI, 21:30 Eurozone ECB President Lagarde’s remarks, 22:00 US Richmond Fed President Barkin’s remarks, and 23:00 US ISM Manufacturing PMI and US JOLTS Job Openings.We will be closely monitoring price movements in the euro/dollar pair during U.S. trading hours, as the market remains range-bound.