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Will the U.S. Dollar Weaken and European Currencies Strengthen?

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Will the U.S. Dollar Weaken and European Currencies Strengthen?

21.05.2021

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. Retail Sales (Canada)

Yesterday, the three major U.S. stock indices all rebounded, with the Dow Jones Industrial Average closing at $34,084, up $188 from the previous day.The U.S. Philadelphia Fed Business Outlook Index for May (month-over-month), released yesterday, came in at 31.5, below the expected 41.0, and the outlook for the next six months has also worsened, but this did not appear to have a significant impact on stock prices.

In the foreign exchange market, the Swiss franc—which had been falling from its high—has rebounded, and the CHF/JPY pair is currently trading around 121.3. It is now just shy of this year’s high of 121.53, while the USD/CHF pair is trading around 0.896.

Today, during European trading hours, UK retail sales will be released at 15:00, the Turkish consumer confidence index at 16:00, the French manufacturing and services PMIs at 16:15, and the GermanManufacturing/Services PMI, at 17:00 the Eurozone Manufacturing/Services PMI, and at 17:30 the UK Manufacturing/Services PMI are scheduled for release. As these are all preliminary figures, please be mindful of potential sharp price movements.In addition, a speech by ECB President Lagarde is scheduled for 8:00 p.m., and once U.S. trading hours begin, Canadian Retail Sales are scheduled for 9:30 p.m., U.S. Manufacturing/Services PMI (flash estimates) for 10:45 p.m., and U.S. Existing Home Sales for 11:00 p.m.We will continue to closely monitor price movements with caution, while keeping an eye on potential volatility caused by position unwinding over the weekend.

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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