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Should Investors Be Wary of Chasing the Euro Lower as Its Decline Shows No Signs of Stopping?

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Should Investors Be Wary of Chasing the Euro Lower as Its Decline Shows No Signs of Stopping?

24.02.2022

Today's Highlights
  1. U.S. 7-Year Treasury Auction
  2. France: Consumer Confidence Index

In the U.S. currency market the previous day, the USD/JPY pair saw volatility of 30 pips over the course of the day, with the market lacking a clear direction. However, when reports of Russia’s invasion of Ukraine emerged during the Asian session this morning, the USD/JPY pair plummeted sharply.It fell from 115.11 to 114.51. Meanwhile, the U.S. dollar remained firm against the euro, with the EUR/USD pair falling 100 pips from 1.130 to 1.120.

Amid a significant deterioration in the situation in Ukraine, the euro has become the weakest European currency, with the euro/yen pair falling more than 160 pips from 130.04 to 128.36.From a technical perspective, the euro/yen has already fallen to 128.36, its daily support level; if the decline continues, the next support level at 127.55 should also be kept in mind.

Today’s schedule includes the French Consumer Confidence Index at 16:45 (European time); remarks by Bank of England Governor Bailey at 22:15 (U.S. time); U.S. Initial Jobless Claims, U.S. Fourth-Quarter GDP, and U.S. Personal Consumption at 22:30;U.S. Core PCE Deflator, at 23:00 remarks by U.S. Richmond Fed President Barkin, at 24:00 U.S. new home sales, at 25:00 U.S. weekly crude oil inventories,at 26:00, remarks by U.S. Federal Reserve Bank of Cleveland President Mester; at 27:00, the U.S. 7-year Treasury auction; and at 28:45, remarks by New Zealand RBNZ Governor O’Hara are scheduled. Investors should be cautious about further downside moves in European currencies, which are currently trading lower.

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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