Attention is likely to focus on ECB President Lagarde’s cautionary remarks
07.02.2022
- Remarks by ECB President Lagarde
- Housing Prices in Halifax, UK
Last weekend, the U.S. dollar showed a slight upward trend following positive U.S. employment data, causing the EUR/USD pair to fall slightly from 1.148 to 1.141. Additionally, against Oceania currencies, the U.S. dollar rose despite surging commodity prices. The AUD/USD pair fell by approximately 100 pips from 0.715 to 0.705.Similarly, the US dollar gained ground against the British pound, 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 EUR/JPY 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 CET, German industrial production and UK Halifax house prices at 16:00 CET, ECB President Lagarde’s remarks at 24:45 CET, and U.S. consumer credit balances at 29:00 CET. We will be closely monitoring the situation to see if there are any significant shifts in currency strength at the start of the week.
Author: Keisuke Sakurai
