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Markets May Keep a Close Eye on the Euro's Movements Ahead of the ECB Meeting

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Markets May Keep a Close Eye on the Euro's Movements Ahead of the ECB Meeting

08.06.2022

Today's Highlights
  1. UK Construction PMI
  2. U.S. MBA Mortgage Applications Index

U.S. currencies were slightly weaker against the euro the previous day, with the GBP/USD pair rising 170 pips from 1.243 to 1.259. The U.S. dollar came under pressure as the pound strengthened following yesterday’s release of the UK Services PMI, which came in at 53.4—above the market forecast of 51.8.However, on a daily chart, the GBP/USD pair is trading within a range with a lower bound of 1.243 and an upper bound of 1.259, so we should exercise caution in assessing whether the upward trend will continue.

European currencies are showing a slight bullish trend ahead of tomorrow’s ECB policy rate announcement, with the euro/dollar pair rising from 1.065 to 1.071. However, since the upside is being capped by the daily 75-day moving average (MA), the focus will likely be on whether the decline stops around 1.066, near the daily 20-day MA.For now, we will be watching closely to see if the pair can close above the daily 75-day moving average at 1.077.

Today, during Asian trading hours, the Swiss unemployment rate will be released at 14:45, followed by German industrial production and the UK Halifax house price index at 15:00, and the Frenchtrade balance, and France’s current account balance during Asian trading hours; and during European trading hours, a statement by Bank of Japan Governor Kuroda at 16:35, the UK Construction PMI at 17:30, the Eurozone Q1 GDP at 18:00,8:00 PM: U.S. MBA Mortgage Applications Index; at 11:00 PM U.S. time: U.S. Wholesale Inventories; at 11:30 PM: U.S. Weekly Crude Oil Inventories; and at 2:00 AM: U.S. 10-Year Treasury Auction.Ahead of tomorrow’s ECB meeting, we will be closely monitoring the euro to see how prices move.

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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