Attention may turn to the euro’s potential for recovery amid its current weakness
02.06.2025
- Japan: Capital Expenditures
- European Manufacturing PMI
Last weekend, the U.S. dollar rose against the Swiss franc. The USD/CHF pair climbed from 0.8198 to 0.8249, trading within the range of the +2σ to -2σ Bollinger Bands on the hourly chart.On the 4-hour chart, the pair is facing resistance at the 10-day moving average (MA), and on the daily chart, it has been unable to break through the resistance zone formed by the 20-day MA. We will be watching to see if the US dollar continues to strengthen during European trading hours.
European currencies fell as the euro weakened against the U.S. dollar after Germany’s consumer price index, released on May 30, remained unchanged from the previous month at 2.1% year-over-year.The EUR/USD pair fell from 1.1389 to 1.1311, dropping just below the 200-period EMA on the hourly chart. On the 4-hour chart, the pair is hovering just below the 200-period SMA, searching for direction. Meanwhile, on the daily chart, the RSI is showing a slight upward trend. We will be watching closely to see if the euro continues to weaken during today’s U.S. trading session.
Today’s schedule includes Japan’s capital expenditure data at 8:50, the UK’s Nationwide house prices at 15:00, Germany’s manufacturing PMI at 16:55, the Eurozone’s manufacturing PMI at 17:00, the UK’sUK Consumer Credit Balance and UK Money Supply, UK Manufacturing PMI at 17:30, US PMI Purchasing Managers’ Index at 22:45, US ISM Manufacturing Index and US Construction Spending at 23:00, and remarks by US Federal Reserve Bank of Chicago President Goolsbee at 25:45, followed by remarks by US Federal Reserve Chair Powell at 26:00.We will closely monitor the potential for a recovery in the euro, which has been trading lower.
Author: Keisuke Sakurai
