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Will Attention Turn to European Currencies' Upside Momentum?

Market Report

Will Attention Turn to European Currencies' Upside Momentum?

29.07.2021

Today's Highlights
  1. U.S. Second-Quarter GDP (Preliminary Estimate)
  2. UK Mortgage Approvals

Yesterday, U.S. stock markets saw mixed trading, with stock prices and interest rates remaining flat while crude oil prices rose.The fear index (VIX) fell to 18.3. BTC/USD has recovered to the $40,000 range. Japanese stocks rebounded, trading in the 27,770 yen range. Chinese markets also rebounded, with the Hong Kong Hang Seng Index trading around 26,200, up 3.04% from the previous day.

In the foreign exchange market, the pound has been rising notably, with GBP/JPY showing particularly strong upward momentum among the yen crosses, climbing as high as 152.98. It has set a new high for the week.GBP/USD has also risen, climbing about 96 pips from 1.384 to 1.393. From a technical perspective, major resistance levels on time frames of one day or longer have already been broken.

Today, at 3:45 p.m., France’s Producer Price Index; at 4:00 p.m., Turkey’s Economic Confidence Index; at 4:55 p.m., Germany’s Unemployment Rate; at 5:30 p.m., the U.K.’s Mortgage Approvals; and at 9:00 p.m., Germany’sConsumer Price Index, at 9:30 PM the U.S. Initial Jobless Claims, U.S. Second-Quarter GDP (Preliminary Estimate), and U.S. Personal Consumption Expenditures, at 11:00 PM U.S. Pending Home Sales, and at 2:00 AM the U.S. 7-Year Treasury Auction.Since trends in U.S. personal consumption provide insight into the strength of the U.S. economy, we will closely monitor today’s economic data releases to assess price movements.

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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