Keep an eye on the release of the U.S. Consumer Confidence Index
22.02.2022
- U.S. Consumer Confidence Index
- Germany's IFO Business Climate Index
In the U.S. currency market yesterday, as the Dollar Index rose slightly to 96.2, the USD/JPY pair fell due to risk-off-driven yen buying. It broke below the key level of 115.00 from 115.12 and dropped approximately 60 pips to 114.50.Since USD/JPY appears to be forming a triple top on the daily chart, we will monitor the situation closely to see if the pair will fall to the support level at 113.44.
Geopolitical risks have intensified following Russian President Putin’s statement that he would “recognize the independence of two regions in eastern Ukraine,” causing the euro to fall sharply.The euro/yen pair fell by about 150 pips from 130.89 to 129.36, marking its fourth consecutive day of declines. If the decline continues, there will be no major support until 128.23, so traders should be wary of a further drop.
Today, the Turkish Economic Sentiment Index and Capacity Utilization Rate are scheduled for 4:00 p.m., the German IFO Business Climate Index at 6:00 p.m., remarks by BOE Deputy Governor Ramsden at 7:45 p.m., and the UKCBI Business Survey are scheduled for release. Once U.S. trading hours begin, the U.S. S&P/Case-Shiller Home Price Index is set for 11:00 PM, followed by the U.S. Manufacturing/Services PMI (flash estimates) at 11:45 PM,at 24:00 the U.S. Richmond Fed Manufacturing Index and the U.S. Consumer Confidence Index, at 27:00 the U.S. 2-year Treasury auction, and at 29:30 remarks by U.S. Atlanta Fed President Bostic are scheduled to be released.I plan to monitor price movements closely while keeping an eye on the release of the U.S. Consumer Confidence Index during U.S. trading hours.
Author: Keisuke Sakurai
