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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?

07.06.2021

Today's Highlights
  1. U.S. Consumer Credit Balances
  2. Housing Prices in Halifax, UK

Last weekend, the three major U.S. stock indices all rose, leading to a market environment characterized by higher stock prices, higher oil prices, and lower interest rates.The Dow Jones Industrial Average closed at $34,756, just $21 shy of a new all-time high. U.S. long-term bond prices plummeted, with the yield on the 5-year Treasury note falling by more than 5%. The current yield on the 5-year Treasury note stands at around 0.79%.

In the foreign exchange market, the Australian dollar has been regaining strength since last weekend. The AUD/USD pair has fully recovered the 100 pips it lost the day before yesterday and is currently trading around 0.773.The market is also taking a bullish stance against the strengthening British pound, and the GBP/AUD pair has fallen from 1.845 to 1.826. The EUR/AUD pair is similarly on a downward trend, having dropped by about 150 pips, and continues to trend lower.

Today, German manufacturing orders are scheduled for 15:00, the Swiss Consumer Price Index for 15:30, the UK Halifax House Price Index for 16:30, and U.S. consumer credit balances for 28:00.While there are no other major economic indicators scheduled, with the Canadian central bank’s interest rate decision on Wednesday, the 9th, and the ECB’s interest rate decision on Thursday, the 10th, coming up this week, we’ll want to closely monitor how European currencies—which have been strengthening against the U.S. dollar—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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