Should We Keep an Eye on the U.S. S&P/Case-Shiller Home Price Index?
31.05.2022
- U.S. S&P/Case-Shiller Home Price Index
- Dallas Fed Manufacturing Activity Index
Yesterday, the U.S. dollar strengthened against the yen, with the USD/JPY pair rising by 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 broke out of the descending channel. For now, we’ll be watching to see if the price closes above the 20-day moving average (MA) on the daily chart.
European currencies continued to rise against the U.S. dollar 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,” pushing the euro to 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); therefore, 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 first-quarter GDP at 16:55, Germany’s unemployment rate at 16:55, the UK’s 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 10:00 PM, Canada’s GDP; at 10:45 PM, the U.S. S&P/Case-Shiller Home Price Index; at 10:45 PM, the U.S. Chicago Purchasing Managers’ Index; at 11:00 PM, the U.S. Consumer Confidence Index; and at 11:30 PM, the U.S. Dallas Fed Manufacturing Activity Index.While keeping an eye on the economic data releases during U.S. trading hours, we’ll be watching the direction of the U.S. dollar.
Author: Keisuke Sakurai
