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Should We Keep an Eye on the Direction of the U.S. Dollar as It Trades Within a Range?

Market Report

Should We Keep an Eye on the Direction of the U.S. Dollar as It Trades Within a Range?

24.05.2021

Today's Highlights
  1. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
  2. Remarks by U.S. Federal Reserve Board Member Brainard

Last weekend, U.S. stock prices rose slightly, resulting in a market environment characterized by rising stocks, a flat U.S. dollar, and falling interest rates. Bonds were in demand, and the yield on the 10-year U.S. Treasury note fell to 1.62%.Additionally, following last week’s trend, BTC fell over the weekend and is currently trading in the $38,000 range. Caution is warranted, as the price could continue to decline if it does not rebound from current levels.

In the foreign exchange market, the euro—which had been weakening last weekend—is trading in a directionless range during today’s Asian session, with the EUR/JPY pair consolidating around 132.6 on the hourly chart, straddling the 200-period moving average.The euro is also trading weaker against the Australian dollar, which has been losing momentum, and the EUR/AUD pair is attempting to move lower around 1.576.

No major economic indicators or remarks by key officials are scheduled for today during European trading hours. At 21:30, the U.S. Chicago Fed National Activity Index will be released; at 22:00, remarks by U.S. Federal Reserve Governor Brainard; at 23:30, remarks by Bank of England Governor Bailey;remarks by UK BOE Deputy Governor Kanlif, remarks by UK MPC Member Holden, remarks by UK MPC Member Sanders, remarks by US Cleveland Fed President Mester at 24:00, and remarks by US Atlanta Fed President Bostic at 25:00.We will be closely monitoring today’s remarks from key officials to see if they provide any direction for the U.S. dollar and European currencies.

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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