Investors should watch for a potential upward trend in the euro
24.03.2022
- Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
- PMI (Preliminary Figures) for Major European and U.S. Countries
In yesterday’s U.S. currency trading, while cross-yen pairs generally fell, the USD/JPY pair showed resilience, declining only slightly from 121.41 to 120.58. It recovered to 121.26 during today’s Asian trading session.Meanwhile, U.S. new home sales figures released yesterday fell for the second consecutive month, dropping from 801,000 units the previous month to 772,000 units. However, the median sales price rose by approximately 10%.
Among European currencies against the yen, the euro/yen pair stands out for its weakness, showing the least resilience.After falling approximately 150 pips from 133.89 to 132.32, the EUR/JPY pair has shown weaker resilience compared to other yen crosses. While the pair is currently trading around 133.20, the 133.89 level coincides with a resistance line on the daily chart, so we need to assess whether it will consolidate in this high-price range.
Today, during European trading hours, the French Manufacturing/Services PMI (flash estimate) will be released at 17:15, followed by the German Manufacturing/Services PMI (flash estimate) at 17:30, the Eurozone Manufacturing/Services PMI (flash estimate) at 18:00, and the UKmanufacturing/services PMI (flash estimates), and, as we move into U.S. trading hours, U.S. initial jobless claims and U.S. durable goods orders at 21:30, remarks by Fed Governor Waller at 22:10, U.S. manufacturing/services PMI (flash estimates) at 22:45, and remarks by Atlanta Fed President Bostic at 24:00.While keeping an eye on PMI releases from various countries, we should also monitor the euro’s movements.
Author: Keisuke Sakurai
