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With the Dow hitting a new high, all eyes are on the direction of the U.S. dollar

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With the Dow hitting a new high, all eyes are on the direction of the U.S. dollar

16.04.2021

Today's Highlights
  1. University of Michigan Consumer Sentiment Index
  2. The Dow Jones Industrial Average Hits a New High

Yesterday, the Dow Jones Industrial Average hit a new all-time high, sparking a “risk-on” market characterized by rising stock prices, a weaker dollar, and lower interest rates. Crude oil rose to 63.6 for the first time in about a month, while gold also rose in inverse proportion to the U.S. dollar and is currently trading around $1,764.The market reacted positively to yesterday’s release of the U.S. April Philadelphia Fed Manufacturing Index, which came in at 50.2—its highest level in 48 years.

In the foreign exchange market, cross-yen pairs are divided into those trending upward and those trending downward. The euro/yen and U.S. dollar/yen pairs are holding steady, while the pound/yen pair is consolidating with lower highs. Since the euro/pound pair is rising and the pound/U.S. dollar pair is falling, it’s wise to remain cautious about a potential decline in the pound/yen pair.

Today’s schedule includes the Eurozone Consumer Price Index and trade balance at 18:00, remarks by BOE Deputy Governors Kanrif and Woods at 20:30, the Turkish Housing Price Index at 21:15, and thehousing starts, at 21:30: U.S. housing starts and building permits, at 23:00: U.S. University of Michigan Consumer Sentiment Index, and at 23:45: remarks by Kaplan, President of the Federal Reserve Bank of Dallas.We will be closely monitoring how the recent rise in stock prices and decline in interest rates affect the foreign exchange market.

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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