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Should We Keep an Eye on the Strength and Weakness of European Currencies?

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Should We Keep an Eye on the Strength and Weakness of European Currencies?

20.05.2021

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. Remarks by BOE Deputy Governor Kanrif of the UK

Yesterday, stock prices fell in both European and U.S. markets, creating a risk-off sentiment characterized by falling stock prices, lower crude oil prices, and a flat U.S. dollar. In addition to the stock market decline, the cryptocurrency market temporarily dropped by nearly 30% following Tesla’s suspension of Bitcoin payments, contributing to an overall atmosphere of pessimism.The minutes of the U.S. Federal Open Market Committee (FOMC) meeting released yesterday revealed that key members had discussed tapering bond purchases, which had a negative impact on stock prices.

In the foreign exchange market, the euro/yen—which had hit a new high for the year during yesterday’s European trading session—plummeted, falling from 133.43 to 132.63.Among the cross-yen pairs that plummeted yesterday, only the USD/JPY has fully recovered, while other pairs, such as the EUR/JPY, have been unable to fully rebound and are trending toward a stronger yen. In particular, the GBP/JPY has weakened further, falling to 153.9 during today’s Asian trading session. In contrast, the EUR/GBP is currently attempting to rise, hovering around 0.863.

Today’s schedule includes the German Producer Price Index at 15:00 European time, remarks by Bank of England Deputy Governor Kanrif at 18:05, and the UK’sCBI Business Survey, at 20:50 a statement by ECB President Lagarde, and during U.S. trading hours at 21:30 U.S. Initial Jobless Claims and the U.S. Philadelphia Fed Business Outlook Index, at 23:00 U.S.Leading Economic Index, at 23:30 U.S. weekly natural gas inventories, also at 23:30 remarks by Kaplan, President of the Dallas Fed, and at 24:00 remarks by Macleam, Governor of the Bank of Canada. We will be closely watching to see how European currencies, which have been trading lower following today’s economic data releases, will react.

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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