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Will European Currencies Rebound Against the Strong U.S. Dollar?

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Will European Currencies Rebound Against the Strong U.S. Dollar?

12.10.2021

Today's Highlights
  1. Germany: Wholesale Price Index
  2. Remarks by Clarida, Vice Chair of the Federal Reserve

Yesterday, in the U.S. market, the three major stock indices all continued to decline toward the close, with the S&P 500 ending at 4,361 points, down 0.69% from the previous day.The market was characterized by falling stock prices, flat interest rates, and rising crude oil prices. Selling pressure on major U.S. financial institutions—which are set to report earnings this week—also contributed to the decline. Additionally, Goldman Sachs’ downward revision of its U.S. economic growth forecasts for fiscal years 2021 and 2022 was another factor behind the drop in stock prices.

In the foreign exchange market, with the Dollar Index rising to 94.3, the euro-dollar pair is facing resistance on the upside and is currently trading around 1.155.However, given that the daily RSI is positioned near 30—a relatively low level—it would be unwise to be overly optimistic about a sharp decline. In any case, we should monitor the situation closely without preemptively assuming a specific direction.

Today, at 15:00: UK ILO Unemployment Rate, UK Employment Statistics, and German Wholesale Price Index; at 16:00: Turkish Industrial Production; at 18:00: Eurozone ZEW Economic Sentiment Index; at 20:00: South African Manufacturing Output;at 9:00 PM, India’s industrial production index; at 10:00 PM, remarks by ECB President Lagarde; and at 12:15 AM, remarks by Fed Vice Chair Clarida. While keeping an eye on key speeches during U.S. trading hours today, I’d like to assess the relative strength of the U.S. dollar and European currencies.

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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