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Should We Keep an Eye on the Direction of European Currencies, Which Are Facing Resistance?

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Should We Keep an Eye on the Direction of European Currencies, Which Are Facing Resistance at Higher Levels?

11.11.2021

Today's Highlights
  1. UK Unemployment Rate
  2. Europe: ECB Monthly Report

Yesterday, the three major U.S. stock indices all fell further, leading to a risk-off market characterized by falling stock prices, rising interest rates, and lower crude oil prices. Due to strong U.S. economic data released yesterday, the yield on the 10-year U.S. Treasury note rose by about 6.3% to 1.56% amid inflation concerns.The fear index (VIX) rose by about 5.3% and is trading in the 18.7 range.

In the foreign exchange market, European currencies faced resistance despite the rising U.S. dollar, and the GBP/USD pair fell from 1.357 to 1.341.From a technical perspective, although GBP/USD is approaching the 200-day EMA on the weekly chart, it is still some distance from the 200-day SMA, so we need to carefully assess whether the decline will continue.

Today, at 16:00 European time, the UK will release its unemployment rate, GDP, industrial production, manufacturing output, and trade balance;at 18:00, the ECB’s monthly report; at 19:45, remarks by a member of the Bank of England’s Monetary Policy Committee (MPC); and at 26:30 during U.S. trading hours, remarks by SNB Board Member Mekler of Switzerland.As we head into the latter half of the week and price volatility in the foreign exchange market has increased, we want to carefully assess how currency strength and weakness will evolve.

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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