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

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

29.04.2021

Today's Highlights
  1. The U.S. dollar is showing signs of weakness
  2. U.S. Personal Consumption

Yesterday, the three major U.S. stock indices posted mixed results; the S&P 500, in particular, saw little movement and closed at 4,183, down 0.08% from the previous day.Following yesterday’s FOMC statement, which noted signs of economic recovery and suggested future growth in consumer spending and increased mobility, crude oil prices have rebounded to $64.0.

In the foreign exchange market, the USD/JPY pair—which plummeted immediately after yesterday’s FOMC meeting—is now on a recovery trend, rising from 108.4 to around 108.7.In a speech delivered during Asian trading hours today, U.S. President Biden stated that “the United States has regained its vitality,” while also announcing a $1.8 trillion economic relief package and revealing plans to fund it through taxes on the wealthy.

Today, at 16:00: Turkey’s Economic Confidence Index; at 16:55: Germany’s Unemployment Rate; at 20:30: Remarks by Bundesbank President Bahtmann; at 21:00: Germany’s Consumer Price Index (flash estimate);at 9:30 PM, U.S. Initial Jobless Claims and U.S. Q1 GDP (flash estimate),U.S. personal consumption, and the U.S. core PCE deflator; at 11:00 PM, U.S. pending home sales; and at midnight, remarks by U.S. Federal Reserve Vice Chair Quarles. While remaining vigilant for end-of-month price volatility, we will keep a close eye on 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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