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Has the Euro Bottomed Out Against the Pound?

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Has the Euro Bottomed Out Against the Pound?

04.04.2022

Today's Highlights
  1. U.S. Manufacturing Orders Index
  2. Remarks by Bank of England Governor Bailey

Last weekend, the U.S. dollar weakened against both the euro and the pound, with the euro/dollar pair falling slightly by 40 pips from 1.107 to 1.102.The U.S. employment report released last weekend showed the unemployment rate at 3.6%, the lowest level since February 2020, suggesting an aggressive rate hike at the next FOMC meeting; however, this did not lead to a significant rise in the U.S. dollar.

In European currency markets, the euro-pound pair broke above the upper boundary of its daily downtrend channel, briefly reaching 0.850.This level marks the high for the year, and the price has already broken above February’s high of 0.847 with a real-body candle. While a temporary correction is possible, the euro is gaining ground against the pound, and this is a point where we need to carefully assess whether the upward trend will continue.

Today, Germany’s trade balance is scheduled for 15:00 during Asian trading hours; Turkey’s Consumer Price Index and Producer Price Index are set for 16:00 during European trading hours; remarks by Bank of England Governor Bailey are scheduled for 18:05; Canadian housing permits are set for 21:30 during U.S. trading hours;at 11:00 p.m., remarks by Bank of England Deputy Governor Kanliff and the U.S. Manufacturing Orders Index are scheduled for release. We will carefully assess price trends at the start of the week.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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