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Market Participants May Be on Alert for Price Fluctuations Due to Position Adjustments Over the Weekend

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Market Participants May Be on Alert for Price Fluctuations Due to Weekend Position Adjustments

22.04.2022

Today's Highlights
  1. Retail Sales (Canada)
  2. Remarks by ECB President Lagarde

In the U.S. currency market the previous day, the USD/JPY pair remained in a stalemate against the yen, trading within a range of 127.81 to 128.69.This range-bound movement has carried over into today’s Asian session, with the 20-period moving average (MA) on the 4-hour chart acting as a support line, and the market remains in a stalemate. However, given reports that the U.S.-Japan finance ministers’ meeting featured positive discussions regarding the possibility of currency intervention, we should also keep the possibility of yen appreciation in mind.

European currencies rose yesterday as ECB President Lagarde stated that she would “outline the path for interest rates” at the June ECB Governing Council meeting, hinting at a rate hike; as a result, the euro rose against the U.S. dollar by approximately 110 pips, from 1.082 to 1.093.However, the pair subsequently fluctuated back and forth and is currently trading around 1.084 as it searches for direction.

Today, during European trading hours, the French Manufacturing/Services PMI (flash estimate) will be released at 16:15, the German Manufacturing/Services PMI (flash estimate) at 16:30, and the Eurozone Manufacturing/Services PMI (flash estimate) at 17:00;at 17:30, the UK Manufacturing/Services PMI (flash estimate); and, once U.S. trading hours begin, at 21:30, Canadian Retail Sales;at 22:00, remarks by ECB President Lagarde; at 22:45, U.S. Manufacturing/Services PMI; and at 23:30, remarks by BOE Governor Bailey. We will be closely monitoring how the foreign exchange market moves over the weekend.

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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