Should We Keep an Eye on the Trend of Cross-Yen Pairs, Which Are Rising Gradually?
27.01.2022
- U.S. Personal Consumption
- U.S. Initial Unemployment Insurance Claims
Yesterday, in the U.S. market, two of the three major stock indices fell toward the close, resulting in a market environment characterized by falling stock prices, rising interest rates, and lower gold prices.In the commodities market, while both silver and gold fell, palladium saw significant gains, rising more than 5.6%. The fear index (VIX) has yet to break out of its high range and is trading around 31.9.
In the foreign exchange market, cross-yen pairs are trading slightly higher, with GBP/JPY rising from yesterday’s low of 153.56 to 154.73.However, from a technical perspective, GBP/JPY has pulled back after being capped by the 200-period moving average on the hourly chart. We will be watching to see if this pullback stops without breaking below the recent low of 152.90.
Today, at 16:00 European time, the German GfK Consumer Confidence Index and the Swiss trade balance will be released; at 20:00, the UK CBI Retail Trade Survey; and at 22:30 U.S. time, U.S. initial jobless claims and U.S. fourth-quarter GDP (flash estimate);U.S. personal consumption, U.S. durable goods orders; at 24:00, U.S. pending home sales; at 24:30, U.S. weekly natural gas inventories; at 25:00, the U.S. Kansas City Fed Manufacturing Index; and at 27:00, a U.S. 7-year Treasury auction.With the U.S. dollar on the rise, I want to carefully assess which direction European currencies will take.
Author: Keisuke Sakurai
