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 yesterday’s U.S. currency markets, while the U.S. dollar rose, European currencies held firm, and GBP/USD traded in a very narrow range of about 60 pips around this month’s low of 1.308. Technically, GBP/USD is positioned just above the 200-week SMA, and since the long-term trend of lower highs continues, we need to carefully assess whether the 200-week 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 higher commodity prices. As a result, the EUR/AUD pair climbed approximately 480 pips over two days, rising 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, and the daily RSI remains below 30, it will be worth watching whether the rebound that began yesterday continues.
Today, the following data releases are scheduled: remarks by RBA Deputy Governor Dever 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; and the U.S. 10-year Treasury auction at 27:00.We will be closely monitoring how the falling Oceania currencies and the rebounding European currencies develop.
Author: Keisuke Sakurai
