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Keep an eye on the direction of the euro, which is showing a slight rebound

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Keep an eye on the direction of the euro, which is showing a slight rebound

17.05.2022

Today's Highlights
  1. Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia
  2. U.S. Corporate Inventories

Yesterday, the U.S. dollar weakened against the pound, with GBP/USD rising by about 110 pips from 1.221 to 1.232. Since GBP/USD has been continuing its upward trend on the hourly chart, supported by the 200-period SMA, we will be watching to see if this upward momentum continues during today’s U.S. trading session.

Amid ongoing instability in the situation in Ukraine—driven in part by 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 the daily chart, 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, near the daily 20-day MA.

Today’s schedule includes the UK unemployment rate at 15:00, Turkish home sales at 16:00, Eurozone Q1 GDP at 18:00, remarks by Bank of England Deputy Governor Kanrif at 19:05, and remarks by U.S. Federal Reserve Governor Brade at 21:00:St. Louis Fed President’s remarks; at 21:30, U.S. retail sales; at 22:15, U.S. industrial production and U.S. Fed President Harker (Philadelphia Fed) remarks; at 23:00, U.S. business inventories; at 25:30, U.S. Fed President Kashkari (President of the Minneapolis Fed, at 26:00: Remarks by Lagarde, President of the ECB, and at 27:30: Remarks by Mester, President of the Cleveland Fed. We will be watching closely to see if the euro, which has been rebounding, will continue to rise.

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 with a particular focus 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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