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Attention May Turn to Remarks by BOE Governor Bailey

Market Report

Attention May Turn to Remarks by BOE Governor Bailey

21.04.2021

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. UK Consumer Price Index

Yesterday, European markets saw a sharp decline of more than 1%, with Germany’s DAX closing at 15,129, down 1.55% from the previous day.In the U.S. market, all three major stock indices continued their downward trend, with the Dow Jones Industrial Average closing at $33,821, down 0.75% from the previous day. The fear index (VIX) surged to a high of 18.6. Crude oil prices fell, while gold prices trended higher.

In the foreign exchange market, cross-yen pairs—including the euro, which was thought to be in an uptrend, as well as the British pound and the U.S. dollar—are generally trending lower. The USD/JPY pair broke below 108.00 and fell to 107.8.From a technical perspective, there appears to be no support near 107.00 on the daily chart, so it is advisable to remain cautious about further downside movements just in case. The euro/yen pair has also fallen sharply, dropping about 110 pips from 130.9 to 129.8.

Today, the UK Consumer Price Index, UK Retail Sales, and UK Producer Price Index are scheduled for 3:00 PM; remarks by BOE Governor Bailey are scheduled for 7:30 PM; the Canadian Consumer Price Index is scheduled for 9:30 PM; and the Bank of Canada’s policy rate decision and statement are scheduled for 11:00 PM.at 11:30 p.m., U.S. weekly crude oil inventories; at midnight, remarks by BOC Governor McClem; and at 2:00 a.m., a U.S. 20-year Treasury auction. Ahead of tomorrow’s ECB policy rate announcement and press conference, I intend to carefully monitor how European currencies will move.

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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