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Will the Decline in Oceania Currencies Continue Due to Geopolitical Risks?

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Will the Decline in Oceania Currencies Continue Due to Geopolitical Risks?

18.08.2021

Today's Highlights
  1. UK Producer Price Index
  2. South Africa: Consumer Price Index

Yesterday, the three major U.S. stock indices all fell, resulting in a market environment characterized by lower stock prices, flat interest rates, and falling crude oil prices. Although the yield on the 10-year U.S. Treasury note temporarily dropped to 1.22%, it is currently trading around 1.25%.Gold is forming a triple top on the hourly chart and is currently trading in the $1,785 range.

In the foreign exchange market, currencies of resource-rich countries continue to weaken, and the Australian dollar/yen pair fell for the fourth consecutive day, briefly touching 79.4. From a technical perspective, the 200-day moving average (MA) is acting as resistance on the daily chart, and with no immediate support in sight, there are concerns that sudden news or economic indicators could trigger a further decline.

Today’s economic indicators include the UK Producer Price Index at 15:00, the South African Consumer Price Index at 17:00, and the EurozoneCPI at 18:00, the U.S. MBA Mortgage Applications Index at 20:00, the Canadian CPI and U.S. Housing Starts at 21:30, U.S. Weekly Crude Oil Inventories at 23:30, and the release of the U.S. FOMC Minutes at 27:00.We will carefully assess whether this will bring about a change in the ongoing downtrend of commodity-linked currencies.

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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