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Should We Keep an Eye on Price Movements at the Start of the Second Half of the Month?

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Should We Keep an Eye on Price Movements at the Start of the Second Half of the Month?

19.07.2021

Today's Highlights
  1. Turkey Consumer Confidence Index
  2. Remarks by Haskell, a Member of the Bank of England’s Monetary Policy Committee

Last weekend, stock markets in both Europe and the U.S. declined. The UK’s FTSE, where daily COVID-19 cases have exceeded 50,000, closed at 7,008, down 0.06% from the previous day. Although the number of cases in the UK is on the rise again, the lockdown is expected to be lifted as scheduled today.WTI crude oil continued to fall, trading around $70 per barrel. OPEC+ agreed to scale back production cuts starting in August, and prices fell on expectations of stable supply.

The foreign exchange market opened without any significant gaps, and trading has been generally range-bound during today’s Asian session. In particular, the EUR/USD pair is trading with very little direction around the 1.180 level, and on the hourly chart, upside momentum appears to be slightly capped. However, since the pair remains above the 200-day moving average on the weekly chart, this is a phase where we need to carefully assess whether a downtrend is likely to develop.

Today’s economic indicators include the Turkish Consumer Confidence Index at 16:00, remarks by UK MPC member Haskell at 19:00, and the U.S. NAHB Housing Market Index at 23:00; aside from these, no other major speeches by key figures or economic releases are scheduled.With the ECB’s policy rate announcement on Thursday, the 22nd, and the release of European manufacturing and non-manufacturing PMI flash estimates coming up this week, we’ll be watching to see if European currencies show any clear direction.

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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