Caution Over German Election Results and the Direction of European Currencies
27.09.2021
- Evans (U.S.): Remarks by the President of the Chicago Fed
- Remarks by ECB President Lagarde
Last weekend, the three major U.S. stock indices saw mixed performance, resulting in a market characterized by flat stock prices, lower interest rates, and higher crude oil prices. WTI crude oil rose to $75.13, hitting new highs for August and September and extending its winning streak to five consecutive days. Additionally, BTC/USD surged sharply, recovering to the $44,000 range.Gold continues to trade sideways and is currently hovering in the $1,759 range.
In the foreign exchange market, European currencies faced resistance on the upside, and the euro-dollar pair plummeted on Friday, the 24th, U.S. time. It fell from 1.175 to 1.170. However, from a technical perspective, the 4-hour chart shows that the pair has not made a new low, and the lows have been slightly rising. Therefore, we are at a stage where we need to assess the market’s direction while closely monitoring the results of the German general election and today’s remarks by ECB President Lagarde.
Today’s schedule includes remarks by ECB President Lagarde at 8:45 p.m. and remarks by U.S. Federal Reserve Bank of Chicago President Evans at 9:00 p.m.:, at 9:30 PM U.S. Durable Goods Orders, at 10:00 PM U.S. remarks by Chicago Fed President Williams, at 1:50 AM U.S. remarks by Fed Governor Brainard, and at 2:00 AM U.S. 5-year Treasury auction. We will monitor price movements at the end of the month while paying close attention to the content of these key figures’ remarks.
Author: Keisuke Sakurai
