Market Participants May Be Wary of the U.S. Dollar's Reversal from Its Uptrend
29.04.2022
- U.S. Core PCE Deflator
- University of Michigan Consumer Sentiment Index
In the previous day’s trading, the U.S. dollar edged slightly higher 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 U.S. 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 U.S. dollar, dropping to 1.241.However, since 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 surpasses the recent high of 1.257.
Today, at 15:45, France’s Consumer Price Index and Producer Price Index will be released; at 16:00, Switzerland’s KOF Leading Index and Turkey’s trade balance; at 17:00, Germany’s first-quarter GDP and remarks by SNB Governor Jordan; and at 18:00, the Eurozone’sQ1 GDP and the Eurozone Consumer Price Index, at 21:30, Canada’s GDP, U.S. personal income, and the U.S. core PCE deflator, and at 23:00, the U.S. University of Michigan Consumer Sentiment Index are scheduled to be released.While keeping an eye on U.S. economic indicators, I plan to closely monitor price movements on this final day of the month.
Author: Keisuke Sakurai
