Should we keep an eye on whether European currencies continue to rise?
29.07.2021
- U.S. Second-Quarter GDP (Preliminary Estimate)
- UK Mortgage Approvals
Yesterday, U.S. stock markets saw mixed trading, with stocks and interest rates remaining flat while oil prices rose. The VIX (fear index) fell to 18.3. BTC/USD has recovered to the $40,000 level. 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 the standout performer. Among the yen crosses, GBP/JPY has shown the strongest upward momentum, rising to 152.98 and setting a new high for the week. GBP/USD has also risen, climbing approximately 96 pips from 1.384 to 1.393. From a technical perspective, major resistance levels on the daily chart and longer time frames have already been broken.
Today’s schedule includes the French Producer Price Index at 3:45 PM, Turkish Economic Sentiment at 4:00 PM, German Unemployment Rate at 4:55 PM, UK Mortgage Approvals at 5:30 PM, German Consumer Price Index at 9:00 PM, U.S. Initial Jobless Claims at 9:30 PM, and U.S. Q2 GDP (flash estimate),U.S. personal consumption, U.S. pending home sales at 11:00 PM, and a U.S. 7-year Treasury auction at 2:00 AM. Since trends in U.S. personal consumption provide insight into the strength of the U.S. economy, we will closely monitor today’s economic releases to assess price movements.
Author: Keisuke Sakurai
