Will the euro-pound exchange rate trend downward?
08.04.2022
- Employment and Unemployment Rates
- U.S. Wholesale Inventories (Final Figures)
In the previous session, the U.S. dollar traded in a tight range against European currencies, with the EUR/USD pair fluctuating between 1.086 and 1.093. However, during today’s Asian trading session, the EUR/USD broke below yesterday’s low of 1.086. Since the daily chart’s upward channel has already broken down, we will be closely monitoring whether the pair will move toward the recent low of 1.080.
Due to the prolonged situation in Ukraine, European currencies continue to face resistance, and the euro-pound exchange rate has fallen from 0.836 to 0.831. Since the euro-pound pair remains within a downtrend on daily and longer-term time frames, we need to closely monitor whether the decline will continue and target the recent support level of 0.829.
There are no major economic indicators scheduled for release during European trading hours today. However, once U.S. trading begins, Canada’s unemployment rate and net change in employment are set to be released at 9:30 p.m., followed by the final U.S. wholesale inventories report at 11:00 p.m. With no major economic indicators or key speeches on the horizon, we should remain vigilant for significant price movements and keep a close eye on currency strength.
Author: Keisuke Sakurai
