Will the Stalemate Among Western Currencies Come to an End?
16.09.2021
- Retail and Wholesale Sales
- Philadelphia Fed Business Outlook 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 with their gains, rising in tandem with the increase in crude oil prices. Bank stocks also showed an upward trend.Meanwhile, WTI crude oil has rebounded 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, and U.S. retail sales,U.S. Philadelphia Fed Business Outlook Index, U.S. Business Inventories at 11:00 p.m., U.S. Weekly Natural Gas Inventories at 11:30 p.m., and U.S. Foreign Investment in U.S. Securities at 5:00 a.m. I plan to closely monitor price movements while paying close attention to the strength and weakness of the U.S. dollar and European currencies.
