ECB: 2024 Euro Money Market Survey: Summary By Segment (2/2)

• In FX, the trend condition in EURUSD is bullish and recent weakness appears to have been a correction. MA studies are in a bull-mode position highlighting a dominant uptrend. 1.0733, the Mar 27 low, marks a key near-term support. A move through it would confirm a clear breach of the 20-day EMA and signal scope for a deeper correction towards the 50-day EMA at 1.0656. Key resistance and the bull trigger is 1.0955, the Mar 18 high.
• GBPUSD is in consolidation mode and importantly for bulls, the pair continues to trade closer to its recent highs and above last week’s lows. MA studies are in a bull-mode position highlighting a dominant uptrend. Support at the 20-day EMA, at 1.2887, is intact. A breach of 1.3015, the Mar 20 high and bull trigger, would open 1.3048, the Nov 6 2024 high. A clear break of the 20-day EMA is required to instead signal scope for a deeper correction.
• USDJPY is trading below last week’s high. The primary trend direction is unchanged, it remains down and the latest recovery is considered corrective. A key short-term resistance around the 50-day EMA - at 150.86 - is intact. A clear break of this EMA would undermine the bearish theme and signal scope for a stronger rally towards 152.70, a 50.0% retracement of the Jan 10 - Mar 11 bear leg. The first key support to watch is 148.18, the Mar 20 low. A breach would be bearish.

You are invited to listen to a Livestreamed MNI Connect Video Conference with BOE's Sarah Breeden.

Details below:

• TOPIC OF DISCUSSION: UK Economic and Financial Stability Prospects
• DATE: Thursday, 10 Apr 2025
• TIME: 14:00 - 15:30 BST
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