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Should We Keep an Eye on the Balance of Power Between the Euro and the U.S. Dollar?

Market Report

Should We Keep an Eye on the Balance of Power Between the Euro and the U.S. Dollar?

12.04.2021

Today's Highlights
  1. Cross-yen pairs are falling
  2. U.S. Stocks Hit New Highs

Last weekend, stock prices rose toward the close of trading in the U.S. market, resulting in a scenario of rising stock prices, a weaker dollar, and flat interest rates.Crude oil also saw little movement, trading at $59.30, just shy of $60, while gold—which had rebounded earlier—fell during today’s Asian trading session, returning to the $1,730 range. The market as a whole is seeing light trading volume as it searches for direction.

The foreign exchange market opened without a gap, with cross-yen pairs coming under selling pressure, resulting in an overall trend toward yen buying. USD/JPY is currently trading around 109.5. From a technical perspective, if it closes below the 20-day moving average (MA) of 109.3 on the daily chart, there is a possibility that the market could shift from a corrective decline to a full-fledged downtrend, so caution is warranted.However, the euro is weaker than the US dollar, with the EUR/USD pair falling to 1.18 and continuing to test lower levels.

Today, Turkey’s current account balance and unemployment rate are scheduled for 4:00 p.m., Eurozone retail sales for 6:00 p.m., remarks by MPC member Tenreyro of the UK at 10:00 p.m., a U.S. 3-year Treasury auction at 12:30 a.m.,and at 2:00 a.m., a U.S. 10-year Treasury auction. Later this week, New Zealand’s policy rate decision and the eurozone’s trade balance are scheduled, so we will be closely monitoring which direction the U.S. dollar and European currencies will take.

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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