U.S. Williams: Caution Over NY Fed President's Remarks?
31.03.2022
- U.S. – Williams: Remarks by the President of the New York Fed
- Chicago Purchasing Managers' Association Business Activity Index
The U.S. dollar weakened against the yen yesterday, with the USD/JPY pair falling by about 180 pips from 123.21 to 121.30.This was driven by speculation that a meeting between Bank of Japan Governor Kuroda and Prime Minister Kishida might lead to measures to curb yen weakness, causing the pair to fall sharply yesterday morning. However, during today’s Asian trading session, USD/JPY has rebounded to around 122.33.
Among European currencies, the euro was bought back on hopes of a de-escalation in the Ukraine situation, and the euro/yen pair rose by about 2 yen from 134.85 to 136.85.The pair rebounded without falling below the 20-period moving average (MA) on the 4-hour chart and has returned to an upward bias. However, since the RSI on the 4-hour chart is at a high level of 70, we should exercise caution in assessing whether the rally will continue.
Today, at 15:00 European time, the UK’s fourth-quarter GDP (final reading),UK Nationwide House Prices and German Retail Sales at 15:00; the French Producer Price Index at 15:45; the German Unemployment Rate at 16:55; and the U.S. Challenger Layoff Announcements at 20:30, followed by the Canadian GDP at 21:30 U.S. time,U.S. Initial Jobless Claims, and U.S. Personal Income; at 22:00, remarks by U.S. NY Fed President Williams; and at 22:45, the U.S. Chicago PMI. We should remain vigilant regarding economic data releases and key speeches as we move into U.S. trading hours.
