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Should We Keep an Eye on the Direction of European Currencies?

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Should We Keep an Eye on the Direction of European Currencies?

05.07.2021

Today's Highlights
  1. U.S. markets closed in observance of Independence Day
  2. Turkey: Consumer Price Index

Last weekend, the three major U.S. stock indices all rose, leading to a market environment characterized by rising stock prices, a weaker U.S. dollar, and lower interest rates. The yield on the 10-year U.S. Treasury note has fallen below the low reached at the end of last month and is currently at 1.42%.Gold’s upward momentum has slowed, and it is currently trading in the $1,786 range.

In the foreign exchange market, cross-yen pairs are forming higher lows on the daily chart, and we have reached a stage where a cautious assessment is needed to determine whether they will rise again. While GBP/JPY is forming higher lows, it is also forming lower highs, and since the pair is consolidating around the 153.5 level, caution is warranted.Key data points to watch include tomorrow’s German ZEW Economic Sentiment Index and Friday the 9th’s UK Industrial Production figures.

Today’s economic indicators include Turkey’s Consumer Price Index and Producer Price Index at 16:00 European time, France’s Services PMI at 16:50, Germany’s Services PMI at 16:55, the Eurozone’s Services PMI at 17:00,and the UK Services PMI at 17:30. No other notable economic releases are scheduled for today. Since all U.S. markets are closed today in observance of the Independence Day holiday, we will keep a close eye on price movements while remaining vigilant for reduced volatility in the foreign exchange market.

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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