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Attention Turns to the Content of the ECB’s Meeting Minutes

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Attention Turns to the Content of the ECB’s Meeting Minutes

07.04.2022

Today's Highlights
  1. U.S. Weekly Natural Gas Inventories
  2. Europe: ECB Meeting Minutes Released

In U.S. currency trading the previous day, the USD/JPY pair traded sideways, finding support on the downside as the Dollar Index rose slightly. After touching the key 124-yen level yesterday, the USD/JPY shifted into a range-bound trading pattern.During today’s Asian trading session, the pair is testing lower levels. From a technical perspective, USD/JPY rebounded after finding support at the 10-period moving average (MA) on the 4-hour chart, but we need to carefully assess whether that level will hold as support should the pair decline again.

Ahead of today’s release of the ECB meeting minutes, European currencies are in a stalemate, with the euro trading sideways; the euro/yen pair continues to range between 134.29 and 135.46. Although cross-yen pairs briefly rebounded, suggesting a potential shift toward a weaker yen, the euro/yen pair in particular faces resistance at higher levels, so traders should remain cautious of a downward trend.

Today, the UK Halifax house price index will be released at 16:30 European time, followed by the publication of theECB meeting minutes, and during U.S. trading hours, a speech by UK MPC Member Pill at 21:15, U.S. initial jobless claims at 21:30, remarks by U.S. Federal Reserve Bank of St. Louis President Braid at 22:00,St. Louis Fed President, at 23:30 U.S. weekly natural gas inventories and remarks by U.S. Treasury Secretary Yellen, and at 27:00 remarks by U.S. Atlanta Fed President Bostic and U.S. Chicago Fed President Evans.While keeping an eye on the release of the ECB meeting minutes during European trading hours, we should remain cautious about the downside potential for European currencies.

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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