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Euro Holds Gains Against Dollar Despite Sharp EUR/JPY Fall

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The Euro’s latest uptrend has held up into the start of a new trading week as the single currency looks more comfortable above $1.07

The single currency had been under pressure against a resurgent greenback this year as market watchers and economists pushed their forecasts as to when US interest rates might start to fall back to the second half of this year. Recall that, when 2024 got underway, a start date of March was thought possible.

The Eurozone’s official version for April is coming up on Tuesday, with economists looking for an annualized rise of 2.6%., which has moved sharply higher against the single currency and all other major rivals. Market participants suspect the Japanese authorities might be taking advantage of this week’s holiday-thinned domestic trade to kick back against what they’ve repeatedly suggested is the too-rapid depreciation of their currency. This morning’sforay to the 160.

Reversals are likely to find support around the psychological 1.07 mark, ahead of the channel base at 1.06681.

 

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