All eyes are on the direction of the Australian dollar, which is falling, and the euro, which is rebounding
09.03.2022
- U.S. Weekly Crude Oil Inventories
- U.S. MBA Mortgage Applications Index
In the U.S. currency market the previous day, while the U.S. dollar rose, European currencies held steady, and the GBP/USD pair traded in a very narrow range of about 60 pips around this month’s low of 1.308.From a technical perspective, GBP/USD is positioned just above the weekly 200 SMA. Given that the long-term trend of lower highs continues, we need to carefully assess whether the 200 SMA will act as support and trigger a rebound.
Among European currencies, the euro rebounded against the Australian dollar, which had been rising on the back of high commodity prices; as a result, the EUR/AUD pair rose by approximately 480 pips over two days, climbing from this year’s low of 1.456 to 1.505.While the EUR/AUD pair remains below the 10-day moving average on the daily chart, the daily RSI is still below 30, so it will be interesting to see if the rebound that began yesterday continues.
Today, we have remarks by RBA Deputy Governor Devel at 17:00 European time, the U.S. MBA Mortgage Applications Index at 21:00, the U.S. JOLTS Survey at 24:00 (U.S. time), U.S. weekly crude oil inventories at 24:30, andand at 27:00, the U.S. 10-year Treasury auction. I want to closely monitor how the Oceania currencies, which are currently falling, and the European currencies, which are rebounding, will perform.
Author: Keisuke Sakurai
