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Should We Focus on the Strength and Weakness of European and U.S. Currencies in This State of Tension?

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Should We Focus on the Strength and Weakness of European and U.S. Currencies in This State of Tension?

13.04.2022

Today's Highlights
  1. UK Consumer Price Index
  2. U.S. Weekly Crude Oil Inventories

In the previous day’s trading, the U.S. dollar traded in a tight range against the pound, which remained steady at 3.8%—unchanged from the previous reading—with the GBP/USD pair fluctuating between 1.299 and 1.305.From a technical perspective, GBP/USD has been testing the 1.298 support level with increasing frequency, so it is prudent to remain vigilant for a break below this support level.

European currencies continued to face upward pressure as the economic outlook in Germany’s ZEW Economic Sentiment Survey, released yesterday, came in at -41.0, marking a deterioration from the previous reading.The EUR/AUD pair failed to sustain the rebound that began last weekend, falling approximately 200 pips from 1.468 to 1.448.

Today, the UK Consumer Price Index and Retail Price Index will be released at 15:00, followed by the US MBA Mortgage Applications Index at 20:00. Once US trading hours begin, the US Producer Price Index will be released at 21:30, and the Bank of Canada’s policy rate decision and statement will be announced at 23:00.at 11:30 p.m., the U.S. weekly crude oil inventory report; at midnight, a press conference by BOC Governor McClem at 2:00 a.m.; and at 2:00 a.m., a U.S. 30-year Treasury auction. I intend to carefully monitor the balance of strength and weakness between European and U.S. 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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