Keep an eye on whether the euro-dollar pair will continue its upward momentum after hitting a new year-to-date high

Keep an eye on whether the euro-dollar pair will continue its upward momentum after hitting a new year-to-date high

14.04.2025

Last weekend, the U.S. dollar fell against the yen after the U.S. March Producer Price Index (PPI), released on the 11th, showed a year-over-year decline from 3.2% the previous month to 2.7%. The USD/JPY pair fell from 144.523 to 142.046, with price action fluctuating around the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, a decline along the 10-period moving average (MA) has been confirmed, and on the daily chart, the price has touched the -3σ line of the Bollinger Bands.

Among European currencies, the euro rose against the U.S. dollar.The euro rose against the US dollar from 1.1181 to 1.1476. The uptrend along the 20-period moving average on the hourly chart continued. On the 4-hour chart, a band walk along the +3σ line of the Bollinger Bands was observed, and on the daily chart, the pair hit a new year-to-date high. It rose to levels not seen since February 2022. We will be watching price movements during US trading hours to see if the euro’s strength holds.

Today’s economic indicators include Japan’s industrial production at 1:30 p.m., Switzerland’s producer import prices at 3:30 p.m., Canada’s wholesale sales at 9:30 p.m., and U.S. Federal Reserve Governor Barkin at 1:00 a.m.:Remarks by Richmond Fed President Barkin, 2:00 AM: Remarks by Fed Governor Waller, and 7:00 AM the following day: Remarks by Philadelphia Fed President Harker. We will be watching for further upside momentum in the euro/dollar pair, which has hit a new high for the year.