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Should We Keep an Eye on the Upside for the U.S. Dollar, Which Is Facing Weak Upward Pressure?

Market Report

Should We Keep an Eye on the Upside for the U.S. Dollar, Which Is Facing Weak Upward Pressure?

21.02.2022

Today's Highlights
  1. Remarks by U.S. Federal Reserve Board Member Bowman
  2. European Manufacturing/Services PMI

Last weekend, U.S. currencies were affected by the escalating situation in Ukraine, causing cross-yen pairs to decline during U.S. trading hours. The USD/JPY pair fell from 115.30 to 114.87, offsetting its gains during Asian trading hours.Amid the dollar’s decline, the pound rose against the U.S. dollar. GBP/USD rebounded from 1.357 to 1.362. We will be watching closely to see if GBP/USD continues to rise and reaches its recent high of 1.364.

Among European currencies, the euro has seen a notable decline, and the euro/yen pair has shown the weakest resilience among the yen crosses, falling approximately 110 pips from 131.11 to 129.96.From a technical perspective, the EUR/JPY is showing price action that appears to be forming a head-and-shoulders pattern on the 4-hour chart. Therefore, if it falls, we should be wary of a sharp drop, as there is no significant support until 129.52.

Today, the French Manufacturing and Services PMIs are scheduled for 17:15 European time, the German Manufacturing and Services PMIs for 17:30, the Eurozone Manufacturing and Services PMIs for 18:00, and the UKmanufacturing and services PMIs are scheduled for release, followed by remarks from Federal Reserve Governor Bowman at 25:15 once U.S. trading hours begin. With tomorrow’s release of the U.S. Consumer Confidence Index approaching, we will be watching closely to see if the U.S. dollar shows any clear direction.

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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