Forex News
- The Indian Rupee loses ground in Friday’s early European session.
- Escalating geopolitical tensions after the Kashmir attack might undermine the INR.
- Positive developments in the trade talks and continued foreign inflows might cap the pair’s downside.
The Indian Rupee (INR) weakens on Friday, pressured by renewed US Dollar (USD) demand. Heightened geopolitical tensions following a terror attack in Pahalgam, Jammu, and Kashmir also drag the Indian currency lower.
Nonetheless, the optimism surrounding US-India trade talks could provide some support to the Indian currency. Currently, the 26% reciprocal tariff on India that the US imposed is on a 90-day pause. The suspension will expire on July 8. India does face a 10% tariff as other nations per the US trade policy. Furthermore, rising Foreign Institutional Investor (FII) inflows might contribute to the INR’s upside. Investors will keep an eye on the final reading of the US Michigan Consumer Sentiment later on Friday.
Indian Rupee trades weaker amid escalating tensions between India and Pakistan
- According to the Reuters poll, the Reserve Bank of India is expected to cut the Repo Rate to 5.50% by end-Q3 (vs. 5.75% in March poll).
- India's economy is to grow 6.3% in 2025-26 and 6.5% in 2026-27 (vs 6.5% and 6.5% in March poll), Reuters poll.
- Asked how US tariffs have affected business sentiment in India, 60% of economists, 21 of 35, said the impact was negative or very negative. Meanwhile, 14 economists said it was neutral.
- Pakistan has announced a series of retaliatory diplomatic moves against India and demanded evidence to back up the Indian government’s claims that Islamabad was involved in the Kashmir attack.
- US Treasury Secretary Scott Bessent has suggested that India is likely to become the first country to finalise a bilateral trade agreement with the US to avoid Trump's reciprocal tariffs on Indian exports.
- Minneapolis Fed President Neel Kashkari said late Thursday that he is worried that with the uncertainty, businesses will do layoffs.
USD/INR’s bearish outlook remains in place
The Indian Rupee trades softer on the day. However, the bearish tone of the USD/INR pair prevails as the pair is below the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The 14-day Relative Strength Index (RSI) stands below the midline near 38.35, suggesting that further downside looks favorable.
The first downside target to watch is 84.85, the lower limit of the descending trend channel. Sustained trading below this level could open the door for a move towards 84.22, the low of November 25, 2024. The next contention level is seen at 84.08, the low of November 6, 2024.
On the bright side, the 100-day EMA at 85.82 acts as an immediate resistance level for USD/INR. A decisive break above the mentioned level could see a rise to 86.45, the upper boundary of the trend channel.
Indian economy FAQs
The Indian economy has averaged a growth rate of 6.13% between 2006 and 2023, which makes it one of the fastest growing in the world. India’s high growth has attracted a lot of foreign investment. This includes Foreign Direct Investment (FDI) into physical projects and Foreign Indirect Investment (FII) by foreign funds into Indian financial markets. The greater the level of investment, the higher the demand for the Rupee (INR). Fluctuations in Dollar-demand from Indian importers also impact INR.
India has to import a great deal of its Oil and gasoline so the price of Oil can have a direct impact on the Rupee. Oil is mostly traded in US Dollars (USD) on international markets so if the price of Oil rises, aggregate demand for USD increases and Indian importers have to sell more Rupees to meet that demand, which is depreciative for the Rupee.
Inflation has a complex effect on the Rupee. Ultimately it indicates an increase in money supply which reduces the Rupee’s overall value. Yet if it rises above the Reserve Bank of India’s (RBI) 4% target, the RBI will raise interest rates to bring it down by reducing credit. Higher interest rates, especially real rates (the difference between interest rates and inflation) strengthen the Rupee. They make India a more profitable place for international investors to park their money. A fall in inflation can be supportive of the Rupee. At the same time lower interest rates can have a depreciatory effect on the Rupee.
India has run a trade deficit for most of its recent history, indicating its imports outweigh its exports. Since the majority of international trade takes place in US Dollars, there are times – due to seasonal demand or order glut – where the high volume of imports leads to significant US Dollar- demand. During these periods the Rupee can weaken as it is heavily sold to meet the demand for Dollars. When markets experience increased volatility, the demand for US Dollars can also shoot up with a similarly negative effect on the Rupee.
- The US Dollar Index recovers to around 99.75 in Friday’s early European session.
- Hope for US trade talks with allies to support the US Dollar.
- China pushes for tariff cancellation to end the trade war.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, edges higher to near 99.75 during the early European session on Friday amid positive developments in negotiations with allies India, Japan and South Korea. Investors brace for the final reading of the US Michigan Consumer Sentiment, which is due later on Friday.
US Treasury Secretary Scott Bessent has suggested that India is likely to become the first country to finalise a bilateral trade agreement with the US to avoid Trump's reciprocal tariffs on Indian exports. Japan's economy minister, Ryosei Akazawa, will hold a second round of trade talks with Bessent next week.
Meanwhile, South Korea asked for “calm” and “orderly” discussions with the US on trade issues, as it seeks to work out a deal with the US before the pause on reciprocal tariffs is lifted in July. Any signs of trade talks progress could lift the Greenback in the near term.
"If the perception spreads that a reduction in tariffs is near, it could positively influence tariff negotiations with other countries, leading to a retreat from risk-off sentiment and a decrease in U.S. asset selling," which could buoy the dollar back to 145 yen, Mizuho analysts wrote in a note.
On the other hand, traders were concerned about the prospects for the US economy given Trump's inconsistent message on trade agreements and Federal Reserve intervention. Additionally, a lack of actual progress toward opening talks with China could drag the USD lower against its rivals.
Trump said late Thursday that his administration was talking with China on trade. However, Beijing said that no negotiations had been held on the economy and trade, and it urged the US to lift all unilateral tariff measures if it really wished to resolve the issue.
US Dollar FAQs
The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback.
In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar.
Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.
- Gold price bulls seem reluctant as a positive risk tone undermines demand for safe-haven assets.
- Thursday’s upbeat US macro data supports the USD, contributing to capping the precious metal.
- Geopolitical uncertainties and Fed rate cut bets should help limit losses for the XAU/USD pair.
Gold price (XAU/USD) attracts some sellers following an uptick to the $3,370-3,371 area during the Asian session on Friday and reverses a part of the previous day's positive move. Hopes for a potential de-escalation of trade war between the US and China remain supportive of a positive risk tone, which, in turn, is seen undermining the safe-haven precious metal. Apart from this, the emergence of some US Dollar (USD) buying turns out to be another factor exerting downward pressure on the commodity.
Meanwhile, Federal Reserve (Fed) officials showed willingness for potential interest rate cuts, which might cap the USD upside and act as a tailwind for the non-yielding Gold price. Furthermore, persistent geopolitical uncertainties might further contribute to limiting the downside for the XAU/USD pair. Hence, it will be prudent to wait for strong follow-through selling before positioning for the resumption of this week's corrective pullback from the $3,500 psychological mark, or the all-time peak.
Daily Digest Market Movers: Gold price is pressured by receding safe-haven demand
- Investors remain hopeful over the potential de-escalation of the US-China trade war, which acts as a headwind for the safe-haven Gold price during the Asian session on Friday. In fact, US President Donald Trump said on Thursday that trade talks between the US and China are underway.
- Moreover, China is reportedly mulling to suspend its 125% tariff on some US imports. This further points to signs of easing trade tensions between the world's two largest economies and boosts investors' confidence, contributing to driving flows away from the precious metal.
- The US Dollar draws some support from mostly upbeat US macro data released on Thursday. In fact, the US Department of Labor reported that Initial Jobless Claims increased modestly to 222,000 for the week ending 19 April and pointed to continued labor market resilience.
- The US Census Bureau reported that Durable Goods Orders surged 9.2% in March, beating the 2% forecast and marking a third consecutive rise. Transportation equipment also rose for a third month, surging 27%.
- Meanwhile, a duo of Federal Reserve officials discussed the willingness for potential interest rate cuts soon. In fact, Cleveland Fed President Beth Hammack stated that a rate cut as soon as June could be possible if clear and convincing data on economic direction is obtained.
- Separately, Fed Governor Christopher Waller said in a Bloomberg interview that he would support rate cuts if tariffs start weighing on the job market. Moreover, traders are still pricing in the possibility that the Fed will lower borrowing costs at least three times by the end of this year.
- On the geopolitical front, a Russian missile attack on Ukraine’s capital Kyiv killed at least twelve people and injured dozens. This was one of the deadliest strikes since Russia launched its full-scale invasion more than three years ago and keeps the geopolitical risk premium in play.
- Traders now look forward to the release of the revised Michigan US Consumer Sentiment Index. Apart from this, trade-related developments might influence the USD, which, along with the broader risk sentiment, might produce short-term trading opportunities around the XAU/USD pair.
Gold price bulls have the upper hand while above the $3,300 pivotal support
From a technical perspective, a goodish rebound from the weekly low touched on Wednesday stalls near the 23.6% Fibonacci retracement level of the latest leg up from the vicinity of the mid-$2,900s or the monthly swing low. The said barrier is pegged near the $3,368-3,370 region, which should now act as a key pivotal point. Given that oscillators on the daily chart are holding comfortably in positive territory, a sustained strength beyond should allow the Gold price to reclaim the $3,400 mark. The subsequent move up is likely to extend further towards the $3,425-3,427 intermediate hurdle, above which bulls could make a fresh attempt to conquer the $3,500 psychological mark.
On the flip side, weakness below the $3,330 area might still be seen as a buying opportunity and remain limited near the $3,300 mark, nearing the 38.2% Fibo. level. This is followed by the weekly swing low, around the $3,260 area, which if broken should pave the way for the resumption of this week's rejection slide from the $3,500 mark, or the all-time peak. The Gold price could then accelerate the fall towards the 50% retracement level, around the $3,225 region, en route to the $3,200 mark. Some follow-through selling will suggest that precious metal has topped out and shift the near-term bias in favor of bearish traders.
US-China Trade War FAQs
Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living.
An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies.
The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to office, which he did on January 20, 2025. With Trump back, the US-China trade war is meant to resume where it was left, with tit-for-tat policies affecting the global economic landscape amid disruptions in global supply chains, resulting in a reduction in spending, particularly investment, and directly feeding into the Consumer Price Index inflation.
- GBP/USD edges lower after a Bloomberg report indicated China may suspend its 125% tariff on select US imports.
- The Greenback's momentum was tempered as US Initial Jobless Claims rose to 222,000, slightly exceeding expectations.
- UK sentiment weakened, with GfK Consumer Confidence dropping to -23 in April—its lowest level since November 2023.
GBP/USD is retracing its recent gains, hovering around 1.3290 during Friday’s Asian session. The Pound Sterling (GBP) faces challenges as GfK Consumer Confidence in the United Kingdom (UK), slipped to -23 in April—its lowest level since November 2023—amid rising living costs and growing global trade concerns, missing forecasts of -22. Traders now await UK Retail Sales data and the final reading of US Michigan Consumer Sentiment later in the North American session.
The GBP/USD pair depreciates as the US Dollar (USD) strengthens, bolstered by a Bloomberg report suggesting China may suspend its 125% tariff on select US imports, including medical equipment, ethane, and aircraft leasing.
Sources familiar with the matter noted that officials are particularly evaluating a waiver on tariffs for plane leases. China's Ministry of Finance and the General Administration of Customs have yet to comment. Further supporting the Greenback is optimism surrounding US trade negotiations. Reuters reports progress in preliminary talks with key Asian allies, including South Korea and Japan.
The US Dollar Index (DXY), which tracks the USD against six major currencies, is recovering previous losses, trading near 99.80. However, the Greenback faced headwinds following mixed labor data. The US Department of Labor suggested Initial Jobless Claims rose to 222,000 for the week ending April 19—slightly above expectations—while Continuing Claims declined by 37,000 to 1.841 million for the week ending April 12.
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
FX option expiries for Apr 25 NY cut at 10:00 Eastern Time via DTCC can be found below.
EUR/USD: EUR amounts
- 1.1200 907m
- 1.1400 1b
- 1.1440 1.1b
- 1.1450 602m
USD/JPY: USD amounts
- 140.00 1.1b
- 145.00 1.7b
- 146.00 861m
AUD/USD: AUD amounts
- 0.6150 406m
- 0.6300 408m
- 0.6425 725m
USD/CAD: USD amounts
- 1.3800 2.2b
- 1.4000 2.2b
- 1.4130 550m
EUR/GBP: EUR amounts
- 0.8525 571m
- Silver eases from a three-week high retested earlier this Friday.
- The setup supports prospects for the emergence of dip-buyers.
- A break below the $32.00 mark might negate the positive bias.
Silver (XAG/USD) edges lower after testing the three-week top during the Asian session on Friday and currently trades around the mid-$33.00s, down 0.30% for the day. The technical setup, however, warrants caution before positioning for any meaningful depreciating move.
This week's breakout above the $33.00 round figure, representing the top end of a multi-day-old range and the 61.8% Fibonacci retracement level of the March-April downfall, was seen as a key trigger for bullish traders. Moreover, oscillators on the daily chart have been gaining positive traction and are still far from being in the overbought territory. This, in turn, suggests that the path of least resistance for the XAG/USD is to the upside.
Hence, any subsequent slide might still be seen as a buying opportunity near the $33.00 hurdle breakpoint, now turned support. A convincing break below the said handle might prompt some technical selling and drag the XAG/USD further toward the $32.40 support en route to the $32.10-$32.00 area. Some follow-through selling will suggest that the recent recovery from the $28.00 mark, or the year-to-date low, has run out of steam.
On the flip side, the $33.70 area now seems to have emerged as an immediate hurdle, above which the XAG/USD could aim to reclaim the $34.00 mark. The momentum could extend further towards the $34.30 intermediate resistance en route to the next relevant barrier near the $34.55-$34.60 region, or the highest level since October 2024 touched last month. The white metal could eventually aim to conquer the $35.00 psychological mark.
Silver 4-hour chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Gold prices fell in India on Friday, according to data compiled by FXStreet.
The price for Gold stood at 9,103.13 Indian Rupees (INR) per gram, down compared with the INR 9,178.61 it cost on Thursday.
The price for Gold decreased to INR 106,177.10 per tola from INR 107,057.50 per tola a day earlier.
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 9,103.13 |
| 10 Grams | 91,031.05 |
| Tola | 106,177.10 |
| Troy Ounce | 283,145.60 |
Daily Digest Market Movers: Gold price traders refrain from placing aggressive directional bets amid mixed cues
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Investors remain hopeful over the potential de-escalation of the US-China trade war, which acts as a headwind for the safe-haven Gold price during the Asian session on Friday. In fact, US President Donald Trump said on Thursday that trade talks between the US and China are underway.
-
This comes after China's Foreign Ministry spokesperson Guo Jiakun told reporters that China and the US have not conducted consultations or negotiations on tariffs, and called reports of such information false news. This underscores the uncertainty over the ongoing trade war.
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The US Dollar draws some support from mostly upbeat US macro data released on Thursday. In fact, the US Department of Labor reported that Initial Jobless Claims increased modestly to 222,000 for the week ending 19 April and pointed to continued labor market resilience.
-
The US Census Bureau reported that Durable Goods Orders surged 9.2% in March, beating the 2% forecast and marking a third consecutive rise. Transportation equipment also rose for a third month, surging 27%.
-
Meanwhile, a duo of Federal Reserve officials discussed the willingness for potential interest rate cuts soon. In fact, Cleveland Fed President Beth Hammack stated that a rate cut as soon as June could be possible if clear and convincing data on economic direction is obtained.
-
Separately, Fed Governor Christopher Waller said in a Bloomberg interview that he would support rate cuts if tariffs start weighing on the job market. Moreover, traders are still pricing in the possibility that the Fed will lower borrowing costs at least three times by the end of this year.
-
On the geopolitical front, a Russian missile attack on Ukraine’s capital Kyiv killed at least twelve people and injured dozens. This was one of the deadliest strikes since Russia launched its full-scale invasion more than three years ago and keeps the geopolitical risk premium in play.
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Traders now look forward to the release of the revised Michigan US Consumer Sentiment Index. Apart from this, trade-related developments might influence the USD, which, along with the broader risk sentiment, might produce short-term trading opportunities around the XAU/USD pair.
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
- EUR/JPY is likely to encounter initial resistance around the "pullback resistance" level near 164.50.
- The 14-day RSI holding above 50 reinforces the bullish bias.
- The initial support is seen at the nine-day EMA of 162.20, followed by the 50-day EMA at 161.34.
EUR/JPY extends its gains for the third successive session, trading around 162.80 during the Asian hours on Friday. Technical analysis of the daily chart shows the currency cross consolidating within an ascending channel, reinforcing a bullish outlook.
Moreover, the 14-day Relative Strength Index (RSI) holds above the 50 mark, reinforcing the bullish bias. The currency cross also trades above the nine-day Exponential Moving Average (EMA), indicating solid short-term momentum and the potential for continued upside.
On the upside, the EUR/JPY cross may face initial resistance at the "pullback resistance" near the 164.50 level. If this is surpassed, the next significant obstacle is at 166.69, which marks a nine-month high last seen in October 2024. A break above this level could open the doors for the currency cross to explore the region around the upper boundary of the ascending channel near the 169.00 level.
The EUR/JPY cross could encounter initial support at the nine-day EMA around 162.20, followed by the 50-day EMA at 161.34. A break below these levels might weaken the short- and medium-term price momentum, potentially applying downward pressure to test the lower boundary of the ascending channel at 160.50. A further decline could bring the currency cross to its two-month low of 155.59, recorded on March 4, followed by 154.41, its lowest level since December 2023.
EUR/JPY: Daily Chart
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.52% | 0.41% | 0.73% | 0.14% | 0.02% | 0.22% | 0.63% | |
| EUR | -0.52% | -0.12% | 0.23% | -0.40% | -0.50% | -0.29% | 0.10% | |
| GBP | -0.41% | 0.12% | 0.34% | -0.27% | -0.38% | -0.19% | 0.18% | |
| JPY | -0.73% | -0.23% | -0.34% | -0.59% | -0.73% | -0.55% | -0.16% | |
| CAD | -0.14% | 0.40% | 0.27% | 0.59% | -0.21% | 0.07% | 0.46% | |
| AUD | -0.02% | 0.50% | 0.38% | 0.73% | 0.21% | 0.21% | 0.58% | |
| NZD | -0.22% | 0.29% | 0.19% | 0.55% | -0.07% | -0.21% | 0.37% | |
| CHF | -0.63% | -0.10% | -0.18% | 0.16% | -0.46% | -0.58% | -0.37% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
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