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Will the euro's rise continue, riding on the momentum from the start of the month?

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Will the euro's rise continue, riding on the momentum from the start of the month?

02.08.2021

Today's Highlights
  1. Germany: Retail Sales
  2. Swiss Consumer Price Index

Last weekend, the three major stock indices in the U.S. market all fell, with the Nasdaq—which saw the sharpest decline—closing at 14,672 points, down 0.71% from the previous day.WTI crude oil edged slightly lower to around $73.1, while gold gave up all of the gains it had made the day before yesterday and is currently trading around $1,811.

In the foreign exchange market, the EUR/USD pair rose as the Dollar Index fell. It is currently trading around 1.187, with the 20-period moving average (MA) acting as support on the 4-hour chart, and the pair is attempting to move higher.Since the 20-day moving average is also acting as support on the daily chart, this is a point where we need to carefully assess whether the upward trend will continue. The euro/pound pair has also risen and is currently trading around 0.854.

Today, German retail sales are scheduled for 15:00 Asia time, followed by the Swiss Consumer Price Index and retail sales at 15:30; the Turkish Manufacturing PMI at 16:00 Europe time; the U.S. Manufacturing PMI (final reading) at 22:45 U.S. time;and at 23:00, the U.S. ISM Manufacturing Index and U.S. construction spending are scheduled. With the Australian central bank’s policy rate announcement on the 3rd and the U.K. central bank’s policy rate announcement on the 5th coming up this week, we’ll be closely monitoring price movements at the start of the week to see if any countries mention tapering their monetary easing.

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 with a particular focus on foreign exchange markets, and also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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