Keep an eye on the direction of the euro, which is showing signs of a slight rebound
17.05.2022
- Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia
- Rice · Corporate Inventories
Yesterday, the U.S. dollar weakened against the pound, with GBP/USD rising by approximately 110 pips from 1.221 to 1.232. Since GBP/USD has been rising on the hourly chart, supported by the 200-period SMA, we will be watching to see if this upward trend continues during today’s U.S. trading session.
Amid ongoing instability in the situation in Ukraine—driven by factors such as McDonald’s complete withdrawal from Russia—European currencies have remained firm against both the U.S. dollar and the yen. The euro-dollar pair continued its rebound from last weekend, rising slightly from 1.038 to 1.044.However, on a daily chart basis, the pair is currently in the midst of a pullback after deviating from the 20-day moving average (MA), so we need to carefully assess whether it will enter another downtrend around the 1.059 level, which is near the daily 20-day MA.
Today’s schedule includes the UK unemployment rate at 3:00 PM, Turkish home sales at 4:00 PM, Eurozone Q1 GDP at 6:00 PM, remarks by Bank of England Deputy Governor Kanliff at 7:05 PM, remarks by St. Louis Fed President Bullard at 9:00 PM, U.S. retail sales at 9:30 PM,at 10:15 PM: US industrial production and remarks by Harker, President of the Federal Reserve Bank of Philadelphia; at 11:00 PM: US business inventories; at 1:30 AM: remarks by Kashkari, President of the Federal Reserve Bank of Minneapolis; at 2:00 AM: remarks by Lagarde, President of the European Central Bank; and at 3:30 AM: remarks by Mester, President of the Federal Reserve Bank of Cleveland.We will be watching closely to see if the euro, which is rebounding, will continue to rise.
Author: Keisuke Sakurai
