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Should Investors Watch European Currencies Amid Concerns Over the Spread of the Omicron Variant?

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Should Investors Watch European Currencies Amid Concerns Over the Spread of the Omicron Variant?

10.12.2021

Today's Highlights
  1. University of Michigan Consumer Sentiment Index (Preliminary Reading)
  2. UK GDP

Yesterday, in the U.S. market, two of the three major stock indices fell, and the session ended amid a risk-off sentiment characterized by falling stock prices, lower interest rates, and declining crude oil prices. Concerns spread that similar trends might emerge across Europe after the British government announced it would tighten restrictions in response to the spread of the Omicron variant of the novel coronavirus.

In the foreign exchange market, the euro, which had been rising, has fallen; the euro/yen pair has given back all the gains it made the day before yesterday and is currently trading around 128.21.The EUR/JPY pair has pulled back, with its upside capped by the 20-day moving average (MA) on the daily chart. Given that it has formed a double top on the weekly chart, we need to monitor the situation closely to see if the downtrend will continue.

Today, at 16:00, UK GDP, UK industrial production, UK trade balance, and German CPI, as well as Turkey’s unemployment rate, are scheduled; at 18:05, remarks by ECB President Lagarde and German Bundesbank President Weidmann are scheduled; at 22:30, U.S. CPI,Canada’s third-quarter capacity utilization rate at 24:00, and the U.S. University of Michigan Consumer Sentiment Index (preliminary) at 28:00. With stock prices falling, we will carefully monitor how the currency markets move heading into the weekend.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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