Should we focus on the strength of the euro, which is rebounding?
26.11.2021
- France: Consumer Confidence Index
- Remarks by ECB President Lagarde
Yesterday, U.S. markets were closed for the Thanksgiving holiday, and the yield on the 10-year U.S. Treasury note fell to 1.59%.WTI crude oil also continued to fall, reaching $77.00 per barrel, while gold, after a decline, has remained range-bound around $1,793. Meanwhile, the Nikkei 225 faces a strong resistance at the 30,000-yen level, having fallen below 29,000 yen to trade in the 28,800-yen range.
In the foreign exchange market, the EUR/USD pair rebounded slightly as the U.S. dollar faced resistance, rising from 1.119 to 1.123. On the daily chart, the pair is trading below the 10-day moving average, and since the RSI has turned upward after dipping below 30, we need to carefully assess whether this rebound will continue. Additionally, the euro has strengthened against the pound, another European currency, with the EUR/GBP pair rising to 0.843.
Today’s economic indicators include Germany’s Import Price Index at 4:00 PM, France’s Consumer Confidence Index at 4:45 PM, Switzerland’s Q3 GDP at 5:00 PM, remarks by ECB President Lagarde, the UK’s CBI Retail Trade Survey at 8:00 PM, and remarks by MPC member Pill at 10:00 PM.With the U.S. market reopening after a holiday, we will be closely monitoring whether significant price movements occur across various currencies.
Author: Keisuke Sakurai
