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Attention May Turn to ECB President Lagarde’s Cautionary Remarks

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Attention May Turn to ECB President Lagarde’s Cautionary Remarks

07.02.2022

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. Housing Prices in Halifax, UK

Last weekend, the U.S. dollar showed a slight upward trend following strong U.S. employment data, causing the euro/dollar pair to fall slightly from 1.148 to 1.141. Additionally, against Oceania currencies, the U.S. dollar rose despite soaring commodity prices.The AUD/USD pair fell by about 100 pips from 0.715 to 0.705. Similarly, the USD gained ground against the GBP, with the GBP/USD pair falling by about 110 pips from 1.361 to 1.350.

European currencies had been trading firmly since ECB President Lagarde’s hawkish remarks last week, but the euro/yen pair lost momentum during today’s Asian trading session.The euro/yen pair fell back from this month’s high of 132.15 to 131.69. However, from a technical perspective, the pair remains above the 10-period moving average on the 4-hour chart, so we will need to carefully assess whether the decline will continue, taking into account ECB President Lagarde’s remarks today.

Today’s economic indicators include the Swiss unemployment rate at 15:45 during European trading hours, German industrial production and UK Halifax house prices at 16:00, ECB President Lagarde’s remarks at 24:45 (U.S. time), and U.S. consumer credit balances at 29:00.We will carefully monitor whether there are significant shifts in currency strength at the start of the week.

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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