Will the U.S. dollar’s upward momentum continue?
12.11.2021
- University of Michigan Consumer Sentiment Index (Preliminary Reading)
- Turkey: Industrial Production
Yesterday, in the U.S. markets, two of the three major stock indices rose, resulting in a market environment characterized by higher stock prices, higher interest rates, and flat crude oil prices.WTI crude oil is trading sideways around $80.9, while gold is hovering around $1,860 without falling significantly from the sharp surge the day before yesterday. The U.S. 10-year Treasury yield is trading in the 1.56% range.
In the foreign exchange market, the U.S. dollar is showing strength, and the GBP/USD pair is trending lower. Although GBP/USD has fallen slightly from 1.343 to 1.335, it is approaching the 200-day EMA on the weekly chart. Since breaking below this level would require significant momentum, it is important to carefully assess the direction of the U.S. dollar.
Today’s schedule includes Turkey’s industrial production at 16:00, Switzerland’s producer import index at 16:30, and the Eurozone’sIndustrial Production at 19:00, remarks by UK MPC member Haskell at 23:00, the U.S. University of Michigan Consumer Sentiment Index (preliminary) and the U.S. JOLTS report at 24:00, and remarks by U.S. New York Fed President Williams at 26:10.Looking ahead to the second half of the month starting next week, I intend to carefully monitor how the foreign exchange market moves today.
Author: Keisuke Sakurai
