Will the Stalemate Between Western Currencies Come to an End?
16.09.2021
- Retail and Wholesale Sales
- Philadelphia Fed Business Conditions Index
Yesterday, the three major stock indices in the U.S. market all rose, creating a “risk-on” sentiment characterized by higher stock prices, higher interest rates, and higher crude oil prices. Energy-related stocks, in particular, stood out, rising in tandem with the increase in crude oil prices. Bank stocks also showed an upward trend.Meanwhile, WTI crude oil has recovered to $72.50. Gold has fallen again and is trading in the $1,791 range.
In the foreign exchange market, the euro and the U.S. dollar are locked in a tight battle, with the EUR/USD pair trading within a narrow range of 1.179 to 1.183, fluctuating up and down without a clear direction.Although the hourly chart shows lower highs, the lows are also rising slightly, so this is a phase to watch closely to see if a pennant pattern is forming from a technical perspective.
Today’s economic indicators include the Eurozone trade balance at 18:00, the Turkish housing price index at 20:30, Canadian housing starts at 21:15, Canadian wholesale sales at 21:30, U.S. initial jobless claims, U.S. retail sales,U.S. Philadelphia Fed Business Outlook Index at 23:00, U.S. Business Inventories at 23:30, U.S. Weekly Natural Gas Inventories at 23:30, and U.S. Foreign Investment in U.S. Securities at 29:00. While keeping an eye on the strength and weakness of the U.S. dollar and European currencies, I plan to closely monitor price movements.
