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All Eyes on the Euro’s Movement at the Start of the Week During ECB Week

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All Eyes on the Euro’s Movement at the Start of the Week During ECB Week

06.06.2022

Today's Highlights
  1. Markets in New Zealand and Switzerland are closed for a holiday
  2. No highly anticipated economic indicators are scheduled for release

Last weekend, the U.S. dollar surged following strong employment data, becoming the strongest currency. However, although the U.S. May ISM Non-Manufacturing Index, released last Friday, the 3rd, came in at 55.9—its lowest level in one year and three months—it failed to curb the dollar’s strength.Since the USD/JPY pair closed with a strong bullish candle on the weekly chart, recovering to this year’s high, we will be watching closely to see if the upward trend continues.

Among European currencies, the euro came under pressure from the U.S. dollar, and the EUR/USD pair fell by about 60 pips from 1.076 to 1.070.On a daily chart, the pair appears to have shifted into a range-bound market between 1.062 and 1.078—a level slightly higher than that seen in the middle of last month. Therefore, ahead of the ECB’s policy rate announcement this Thursday, we will want to monitor the upper and lower bounds of this range for a while to gauge the market’s direction.

No major economic indicators or statements from key officials are scheduled for today in either Europe or the U.S.Markets in New Zealand and Switzerland are closed today for a holiday. Looking ahead this week, the RBA’s policy rate decision in Australia is scheduled for tomorrow, Tuesday the 7th, followed by the ECB’s policy rate decision on Thursday the 9th, and the University of Michigan Consumer Sentiment Index (preliminary reading) in the U.S. on Friday the 10th.First, we want to carefully assess price movements at the start of the week.

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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