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Should We Keep an Eye on the Trends in European Currencies, Which Are Showing Signs of Strength?

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Should We Keep an Eye on the Trends in European Currencies, Which Are Showing Signs of Strength?

28.12.2021

Today's Highlights
  1. U.S. S&P Case-Shiller Home Price Index
  2. U.S. 5-Year Treasury Auction

Yesterday, the three major U.S. stock indices all extended their gains, resulting in a risk-on market characterized by rising stocks, interest rates, and crude oil prices.Commodity markets saw broad gains across the board, including WTI crude oil, silver, and platinum, while the fear index (VIX) fell to 17.6. The cryptocurrency market was generally down, with BTC/USD trading around $49,188, down 3.5% from the previous day.

In the foreign exchange market, the pound posted a notable gain yesterday, with the GBP/USD pair rising by more than 100 pips from 1.337 to 1.344. However, the pound edged lower against the euro, with the EUR/GBP pair falling from 0.845 to 0.842.From a technical perspective, the key will be whether the EUR/GBP pair breaks below its recent low of 0.841 with a solid candlestick.

There are no economic indicators scheduled for release during European trading hours today. Once U.S. trading begins, the U.S. S&P Case-Shiller Home Price Index is scheduled for 23:00, the U.S. Richmond Fed Manufacturing Index for 24:00, and the U.S. 5-year Treasury auction for 27:00.As we enter the final week of 2021, we’ll need to carefully assess how currency strength and weakness will evolve, while forecasting price movements for the remaining three days of the year.

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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