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Will There Be a Shift in the Balance of Power Between the Euro and the U.S. Dollar?

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Will There Be a Shift in the Balance of Power Between the Euro and the U.S. Dollar?

23.03.2021

Today's Highlights
  1. The U.S. dollar is trading sideways
  2. Remarks by Bank of England Governor Bailey

Yesterday, the stock market held steady, with stocks rising, interest rates falling, and commodity prices declining. Crude oil, which had temporarily risen to $68, fell below the $60 mark before rebounding, but faced resistance at higher levels and has since resumed its downward trend.

Furthermore, in response to China’s serious human rights violations in the Xinjiang Uyghur Autonomous Region, the EU imposed sanctions—including travel bans and asset freezes—on Chinese government officials for the first time in about 30 years. Following this news, the Swiss franc, considered a safe-haven currency, rose to around 117.9 against the yen.In contrast, the Australian and New Zealand dollars—currencies of resource-rich nations in Oceania—have fallen sharply. The New Zealand dollar is currently trading around 77.1 against the yen.

Today’s schedule includes the UK unemployment rate at 16:00, remarks by UK MPC member Holden at 17:40, and at 18:55, remarks by UKremarks by BOE Deputy Governor Kanrif, at 20:50 remarks by BOE Governor Bailey, at 25:00 remarks by Fed Chair Powell and U.S. Treasury Secretary Yellen, and at 26:00 a U.S. 2-year Treasury auction.We will be closely monitoring how remarks by key U.S. officials affect currency strength and weakness.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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