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Should We Keep an Eye on the Euro, Which Is Struggling to Gain Ground?

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Should We Keep an Eye on the Euro, Which Is Struggling to Gain Ground?

16.05.2022

Today's Highlights
  1. Remarks by Ramsden, Deputy Governor of the Bank of England
  2. Canada: Manufacturing Shipments

Last weekend, the U.S. dollar weakened against Oceania currencies, with the AUD/USD pair rebounding by 100 pips from 0.685 to 0.695. However, the Australian dollar’s strength did not last, and during today’s Asian trading session, it has fallen by about half of its earlier gains and is currently trading around 0.689.The Australian dollar is holding firm against European currencies, with the EUR/USD pair falling to 1.034.

Although European industrial production figures released last Friday showed an improvement from expectations, coming in at -1.8%, the euro faced resistance on the upside, and the euro/pound pair fell slightly from 0.852 to 0.848.Since the euro is also showing weakness against the pound, which has recently been facing resistance on the upside, we should remain vigilant for further declines in response to headline news, including geopolitical risks.

Today, at 16:00, Turkey’s current account balance; at 18:00, the Eurozone’strade balance, at 21:15: Canada’s housing starts, at 21:30: Canada’s manufacturing shipments and wholesale sales, and the U.S. New York Fed Manufacturing Index, and at 21:55: U.S. remarks by Williams,remarks by NY Fed President Williams, at 22:00: Canada’s existing home sales, at 23:15: remarks by Bank of England Governor Bailey, remarks by Bank of England Deputy Governor Ramsden, and remarks by MPC Member Haskell, and at 29:00: U.S. foreign investment in U.S. securities.Keep an eye on the direction of the euro, which is facing resistance on the upside.

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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