Should we be wary of the sustainability of the dollar-buying, yen-selling trend?
15.03.2022
- U.S. Producer Price Index
- U.S. New York Fed Manufacturing Index
In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen as the yield on the 10-year U.S. Treasury note surpassed the key 2% level to reach 2.13%. The USD/JPY pair climbed to the mid-118 yen range during today’s Asian trading session and is now gaining momentum as it approaches the resistance level of 118.76. Meanwhile, the EUR/USD pair has been forming higher lows on the 4-hour chart, rebounding 90 pips from 1.090 to 1.099.
Following yesterday’s trend, the euro remained the strongest European currency during today’s Asian trading session, with the EUR/AUD pair rising by approximately 360 pips from 1.495 to 1.528. Since the EUR/AUD pair is currently positioned just above the 20-day moving average (MA), it will be worth watching to see if it can decisively break above the 20-day MA with a solid candlestick body.
Today, during European trading hours, the UK unemployment rate will be released at 16:00, the French Consumer Price Index at 16:45, and at 19:00, the Eurozone ZEW Economic Sentiment Survey, EurozoneIndustrial Production at 19:00, and Canadian Housing Starts at 21:15. During U.S. trading hours, the U.S. Producer Price Index and the New York Fed Manufacturing Index are scheduled for 21:30, Canadian Existing Home Sales for 22:00, remarks by ECB President Lagarde for 24:15, and U.S. Foreign Direct Investment in U.S. Securities for 29:00.We should keep an eye on the latest developments in the situation in Ukraine while monitoring the movement of the U.S. dollar.
Author: Keisuke Sakurai
