Market participants may be wary of the U.S. dollar’s recent reversal from its previous strength
29.04.2022
- U.S. Core PCE Deflator
- University of Michigan Consumer Sentiment Index
In the previous session, the U.S. dollar showed slight strength against the euro, with the EUR/USD pair falling by about 90 pips from 1.056 to 1.047. However, during today’s Asian session, the dollar’s momentum has stalled, and it is trading lower against both the euro and the Australian dollar. Since the EUR/USD pair has broken above the 20-period moving average on the hourly chart, we will be watching to see if it can close above the recent high of 1.056.
Among European currencies, the pound fell to a new low for the year against the dollar, dropping to 1.241. However, as the deviation from the 20-day moving average had widened on the daily chart, the pair rebounded during today’s Asian trading session, rising to 1.251. We will be watching closely to see if this rebound continues and whether it breaks above the recent high of 1.257.
Today, at 3:45 PM, France’s Consumer Price Index and Producer Price Index will be released; at 4:00 PM, Switzerland’s KOF Leading Index and Turkey’s trade balance;at 5:00 PM, Germany’s Q1 GDP and remarks by SNB Governor Jordan of Switzerland; at 6:00 PM, the Eurozone’s Q1 GDP and Eurozone CPI; at 9:30 PM, Canada’s GDP, U.S. personal income, and the U.S. core PCE deflator; and at 11:00 PM, the University of Michigan Consumer Sentiment Index.I plan to keep a close eye on price movements on this final day of the month while paying attention to the U.S. economic indicators.
Author: Keisuke Sakurai
