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All Eyes on the Euro's Direction at Month-End

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All Eyes on the Euro's Direction at Month-End

30.08.2021

Today's Highlights
  1. Dallas Fed Manufacturing Activity Index
  2. Germany: Consumer Price Index (Preliminary Figures)

Last weekend, the three major stock indices in the U.S. market all rose, leading to a market environment characterized by higher stock prices, higher bond prices, and higher crude oil prices.Like the Dow Jones Industrial Average, the Russell 2000 also rose and currently stands at 2,277. U.S. bond yields have fallen not only for 10-year Treasuries but also for 5-year and 30-year Treasuries.

In the foreign exchange market, the euro is showing strength against the U.S. dollar, with the EUR/USD pair currently trading around 1.180.From a technical perspective, the pair has broken strongly above 1.178—near the 200-period SMA on the 4-hour chart—with a large bullish candle. If the uptrend continues, the next target will likely be around 1.189.However, the euro is losing momentum against the pound and appears to be forming a double top on the 4-hour chart, so it is advisable to remain cautious of a potential decline.

Today, the Swiss KOF Leading Index is scheduled for 16:00, the German Consumer Price Index (flash estimate) for 21:00,South Africa’s government spending at 9:00 p.m., Canada’s second-quarter current account balance at 9:30 p.m., U.S. pending home sales at 11:00 p.m., the U.S. Dallas Fed Manufacturing Activity Index at 11:30 p.m., and New Zealand’s housing construction permits at 7:45 a.m. the following day.With only two trading days remaining in August, we will be watching closely to see if price movements emerge that could serve as a springboard for the fall market.

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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