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Should We Keep an Eye on the Balance of Western Currencies?

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Should We Keep an Eye on the Balance of Western Currencies?

31.08.2021

Today's Highlights
  1. France: Consumer Price Index (Preliminary Figures)
  2. Chicago Purchasing Managers' Association Business Activity Index

Yesterday, two major U.S. stock indices rose, resulting in a market environment characterized by higher stock prices, lower interest rates, and flat crude oil prices.The Dow Jones Industrial Average continued to trade sideways near its highs, closing at $35,399, down 0.16% from the previous day. The Semiconductor Index (SOX) traded higher and currently stands at 3,446.

The yield on the 10-year U.S. Treasury note has been trending lower, and as a result, the euro has risen against the U.S. dollar during today’s Asian trading session, climbing from 1.178 to 1.182. From a technical perspective, the pair has already broken above the 200-period SMA on the 4-hour chart, and the next target around 1.189 will likely serve as a key level.With the U.S. jobs report due this weekend, we will first be watching price movements leading up to the release.

Today, during European trading hours, the French Consumer Price Index (flash estimate) will be released at 15:45, the Turkish trade balance at 16:00, the German unemployment rate at 16:55, UK mortgage approvals at 17:30, the Eurozone Consumer Price Index (flash estimate) at 18:00,during U.S. trading hours at 21:30, Canada’s GDP; at 22:00, the U.S. S&P/Case-Shiller Home Price Index; at 22:45, the U.S. Chicago Purchasing Managers’ Index; and at 23:00, the U.S. Consumer Confidence Index.I want to carefully assess whether today’s economic data releases during U.S. trading hours will clarify the balance between the U.S. dollar and the euro.

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 has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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