Should We Keep an Eye on the U.S. S&P/Case-Shiller Home Price Index?

Should We Keep an Eye on the U.S. S&P/Case-Shiller Home Price Index?

31.05.2022

The U.S. dollar rose against the yen yesterday, with USD/JPY climbing approximately 90 pips from 126.85 to 127.83.During today’s Asian trading session, the pair rose further, with USD/JPY briefly touching 128.33. It has broken out of the descending channel. For now, we’ll be watching to see if the price closes above the 20-day moving average on the daily chart.

European currencies continued to rise yesterday after ECB Executive Board Member Lane made a specific statement that “interest rate hikes of 0.25% at each subsequent ECB meeting would be desirable,” with the euro/dollar pair hitting a new monthly high of 1.078.The EUR/USD pair easily broke through the resistance at the 200-period simple moving average (SMA) on the 4-hour chart and continues to rise along the 20-period moving average (MA), so we should keep an eye on further upside potential, even as the pair undergoes some consolidation.

Today, at 15:45 European time, France’s first-quarter GDP and producer price index will be released; at 16:00, Turkey’s trade balance;Turkey’s Q1 GDP at 16:55, Germany’s unemployment rate at 16:55, UK mortgage approvals at 17:30, the Eurozone’s Consumer Price Index (flash estimate) at 18:00, Canada’s GDP at 21:30 during U.S. trading hours,at 22:00, the U.S. S&P/Case-Shiller Home Price Index; at 22:45, the U.S. Chicago Purchasing Managers’ Index; at 23:00, the U.S. Consumer Confidence Index; and at 23:30, the U.S. Dallas Fed Manufacturing Activity Index.While keeping an eye on the economic data releases during U.S. trading hours, we will be watching the direction of the U.S. dollar.