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Should We Keep an Eye on European Currencies Ahead of the Policy Rate Announcement?

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Should We Keep an Eye on European Currencies Ahead of the Policy Rate Announcement?

08.09.2021

Today's Highlights
  1. U.S. JOLTS Survey
  2. France: Trade Balance

Yesterday, the Dow Jones Industrial Average and the S&P 500 fell on U.S. markets, creating a risk-off sentiment characterized by falling stock prices, rising interest rates, and lower crude oil prices.WTI crude oil has pulled back from last week’s $70 range and is currently trading in the $68.9 range. Additionally, gold, which had been trading sideways around the key $1,800 level, has fallen and is currently trading in the $1,797 range.

Ahead of tomorrow’s policy rate announcement, the euro is trading lower in the foreign exchange market, with the euro/dollar pair falling from 1.188 to 1.183. The euro was also weak against the pound—another European currency—yesterday, completely erasing its gains during European trading hours and falling from 0.860 to 0.858.

Today’s schedule includes the French trade balance at 15:45 (Asia time), remarks by RBA Deputy Governor Devel at 17:10 (Europe time), the Bank of Canada’s policy rate announcement and the U.S. JOLTS survey at 20:00 (Canada time), and at 24:00 (U.S. time), remarks by the Bank of England’sremarks by BOE Governor Bailey, at 26:00 a U.S. 10-year Treasury auction, at 26:10 remarks by U.S. Federal Reserve Bank of New York President Williams, and at 27:00 the U.S. Federal Reserve Beige Book.Ahead of tomorrow’s ECB policy rate announcement, we will carefully monitor how European currencies react.

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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