Should we be on the lookout for overlapping remarks by key figures during U.S. business hours?
22.03.2022
- Richmond Fed Manufacturing Index (U.S.)
- U.S. – Williams: Remarks by the President of the New York Fed
In the U.S. currency market yesterday, the pound and the U.S. dollar were locked in a stalemate, with both showing signs of strength, and the GBP/USD pair has continued to trade within the range it has been in since the latter half of last week. The GBP/USD trading range is 1.310–1.321, and the current price is around 1.314.From a technical perspective, the GBP/USD pair is trading below the 20-day moving average (MA) on the daily chart, and with upside resistance in place, we should keep a close eye on the movement of the U.S. dollar.
European currencies are facing upward pressure on the euro after Ukrainian President Zelenskyy rejected what is believed to be Russia’s ultimatum—to “withdraw from Mariupol”—prompting Russia to state that it would “continue its attacks until a ceasefire is reached.” The euro-pound exchange rate, which involves two European currencies, fell by approximately 57 pips from 0.841 to 0.835.
Today’s schedule includes the UK CBI Business Survey at 20:00 European time; Canada’s Industrial and Raw Material Price Indices at 21:30 U.S. time; remarks by ECB President Lagarde at 22:15 European time; the U.S. Richmond Fed Manufacturing Index at 23:00;at 23:35, remarks by U.S. Federal Reserve Bank of New York President Williams; at 24:15, remarks by UK Bank of England Deputy Governor Kanrif and Swiss National Bank (SNB) Governor Jordan; and at 27:00, remarks by U.S. Federal Reserve Bank of San Francisco President Daly.We will monitor these key speeches while assessing currency strength and weakness.
Author: Keisuke Sakurai
