Should We Focus on the Euro's Strength as It Rebounds?
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 decline, reaching $77.0 per barrel, while gold, after falling, has remained range-bound around $1,793.Meanwhile, the Nikkei 225 is struggling to break through the 30,000-yen barrier; it has fallen below 29,000 yen and is currently trading in the 28,800-yen range.
In the foreign exchange market, the EUR/USD pair rebounded slightly as the U.S. dollar faced resistance on the upside, rising from 1.119 to 1.123.On the daily chart, the pair is trading below the 10-day moving average (10MA), and since the RSI began trending 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 the German Import Price Index at 16:00, the French Consumer Confidence Index at 16:45, Switzerland’s Q3 GDP at 17:00, remarks by ECB President Lagarde, and the UK’sCBI Retail Trade Survey at 20:00, and remarks by MPC member Pill at 22:00. With the U.S. returning from a holiday, we will be closely monitoring whether significant price movements occur across various currencies.
Author: Keisuke Sakurai
