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Should We Keep an Eye on the Euro Amid Concerns Over the European Economic Situation?

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Should We Keep an Eye on the Euro Amid Concerns Over the European Economic Situation?

28.04.2022

Today's Highlights
  1. U.S. Core PCE Deflator
  2. U.S. Weekly Natural Gas Inventories

The U.S. dollar continued to strengthen against the euro yesterday. The GBP/USD pair fell 90 pips from 1.259 to 1.250.The GBP/USD pair has reversed course from a phase of gradual decline along the daily 20-day moving average (MA), now deviating significantly from the daily MA and posting six consecutive bearish candles. Therefore, while keeping an eye on economic data releases during today’s U.S. trading hours, traders should remain vigilant for potential reversal points.

European currencies faced headwinds as major countries, including Germany, announced phased crude oil embargoes against Russia, and Russia threatened to cut off gas supplies, causing concerns about infrastructure to linger and weighing on the euro.The EUR/AUD pair fell by about 160 pips from 1.494 to 1.477. Market conditions make it difficult for the euro to sustain a rebound.

Today’s schedule includes: Turkey’s Economic Confidence Index at 16:00, the ECB’s Monthly Report at 17:00, Germany’s Consumer Price Index (flash estimate) at 21:00, U.S. Initial Jobless Claims at 21:30, U.S. Q1 GDP, U.S. Personal Consumption Expenditures,U.S. Core PCE Deflator, at 11:30 p.m. U.S. Weekly Natural Gas Inventories, at midnight the U.S. Kansas City Fed Manufacturing Activity Index, and at 2:00 a.m. a U.S. 7-year Treasury auction. We will carefully assess the strength and weakness of various currencies heading into 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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Market Participants Remain Cautious About the U.S. Dollar’s Movement, Which Has Reversed Course From Its Uptrend and Is Now Falling
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