Market participants may be wary of the U.S. dollar's lackluster performance
17.02.2022
- ECB Monthly Report
- U.S. – Brade: Remarks by the President of the St. Louis Federal Reserve Bank
In yesterday's U.S. currency trading, the USD/JPY pair edged lower as the Dollar Index fell slightly to 95.7, amid lingering concerns over the escalating situation in Ukraine.It retreated from 115.77 to 115.33. However, USD/JPY has held firm in the 115-yen range and is being supported by the 75-period moving average on the 4-hour chart, so we should pay close attention to comments from key figures during U.S. trading hours today.
Among European currencies, the pound rose against the U.S. dollar while the euro and pound remained in a tight race. The GBP/USD pair saw a modest gain of 60 pips, rising from 1.353 to 1.360. With the recent high of 1.361 acting as resistance, the focus will be on whether the pair can break above this resistance zone with a solid candle. We should also keep an eye on today’s ECB Monthly Report.
Today, at 4:00 PM, Switzerland’s trade balance will be released; at 6:00 PM, the ECB’s monthly report; at 8:00 PM, Turkey’s TCMB policy rate and statement;at 10:30 PM, Canada’s House Price Index and International Securities Turnover; at 10:30 PM, U.S. Initial Jobless Claims, Housing Starts, and the Philadelphia Fed Business Outlook Index; at 1:00 AM, U.S. Weekly Natural Gas Inventories and remarks by U.S. Federal Reserve Bank of St. Louis President Bullard; and at 7:00 AM the following day, remarks by U.S. Federal Reserve Bank of Cleveland President Mester.We will be closely monitoring whether the weakening U.S. dollar recovers in response to today’s key speeches.
Author: Keisuke Sakurai
