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Market participants may be wary of the continued trend of yen buying that began last weekend

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Market participants may be wary of the continued trend of yen buying that began last weekend

17.01.2022

Today's Highlights
  1. Canada: Manufacturing Revenue
  2. U.S. markets are closed for a holiday

Last weekend, the three major U.S. stock indices saw mixed performance, with the Nasdaq closing higher. The market was characterized by flat stock prices, rising oil prices, and higher interest rates. The massive undersea volcanic eruption off the coast of Tonga that occurred last Saturday, the 15th, has not had a significant impact on the market, which continues to trade without disruption.

Although crude oil prices have fallen from their highs, Oceania currencies are showing signs of weakness in the foreign exchange market. The AUD/USD pair fell from 0.728 to 0.719 after forming a triple top on the hourly chart. From a technical perspective, the AUD/USD pair is still trading within a daily parallel channel and is currently near the lower boundary of the channel at 0.719, so it will be worth watching to see if a rebound occurs.

Apart from the release of Canadian manufacturing shipments at 10:30 p.m. ET and Canadian existing home sales at 11:00 p.m. ET today, no major economic indicators or key speeches are scheduled. Additionally, U.S. markets are closed today for Martin Luther King Jr. Day.This week, the Bank of Japan’s Monetary Policy Meeting is scheduled for Tuesday the 18th, Germany’s Consumer Price Index for Wednesday the 19th, and the minutes of the ECB’s regular Governing Council meeting for Thursday the 20th. While keeping a close eye on news regarding the undersea volcanic eruption off the coast of Tonga, we should remain vigilant for sudden price fluctuations.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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