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Will the U.S. Dollar Remain Strong Amid Falling Long-Term Interest Rates?

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Will the U.S. Dollar Remain Strong Amid Falling Long-Term Interest Rates?

21.06.2021

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. U.S. – Brade: Remarks by the President of the St. Louis Federal Reserve Bank

Last weekend, stock prices continued to fall in the U.S. market, resulting in a market environment characterized by falling stock prices, low interest rates, and high crude oil prices.Although WTI crude oil prices fell in the first half of last week, they rebounded toward the end of the week and are currently hovering around $71.3. Gold continued to decline and is trading around $1,774. The semiconductor index (SOX) also fell and currently stands at 3,152.

In the foreign exchange market, the pound’s weakness is particularly noticeable. The GBP/USD pair has fallen for four consecutive days, dropping about 350 pips over the past week. It is currently trading around 1.380.From a technical perspective, the pair has broken below the daily support line, and with the next support level around 1.366, this is a situation where we should be cautious about further downside potential just to be safe. GBP/JPY is also falling similarly, and the next target is likely to be around 150.6, near the weekly 20-day moving average.

Today’s economic indicators include remarks by ECB President Lagarde at 21:30 U.S. time, along with the Chicago Fed National Activity Index, and remarks by U.S. Federal Reserve Bank of Chicago President Williams at 22:30;St. Louis Fed President, at 23:15, remarks by ECB President Lagarde, and at 28:00, remarks by New York Fed President Williams.Since prices moved significantly last week following remarks by U.S. St. Louis Fed President Bullard, we should remain vigilant regarding the content of his remarks today as a precaution.

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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