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Should We Keep a Close Eye on ECB President Lagarde’s Press Conference?

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Should We Keep a Close Eye on ECB President Lagarde’s Press Conference?

09.06.2022

Today's Highlights
  1. Europe: ECB Policy Rate and Statement Release
  2. Press Conference by ECB President Lagarde

In U.S. trading the previous day, although the Dollar Index fell slightly to the low 102s, the dollar remained strong against the yen, with USD/JPY rising by approximately 180 pips from 132.71 to 134.55.However, as Asian trading began today, the pair fell to 133.84, near the 20-period moving average on the hourly chart. The RSI has also dipped below 70, falling to 53. We will be watching closely to see if the upward trend continues heading into the U.S. trading session.

Among European currencies, while gains in other yen crosses remained below 1%, the euro/yen pair surged, rising by about 1.2%. It climbed more than 2 yen, touching 144.24 for the first time since December 2014. The euro is also rising firmly against the U.S. dollar.In today’s ECB policy rate announcement, we will be watching closely for any comments regarding the timing and magnitude of interest rate hikes.

Today, during European trading hours, South Africa’s current account balance will be released at 18:00, followed by South Africa’s manufacturing output at 20:00 and the ECB’s policy rate decision and statement at 20:45. During U.S. trading hours, U.S. initial jobless claims will be released at 21:30, followed by a press conference with ECB President Lagarde,at 23:30, U.S. weekly natural gas inventories; at 24:00, remarks by BOC Governor McClean; and at 26:00, a U.S. 30-year Treasury auction. We will closely monitor currency strength and weakness while paying close attention to expectations of a eurozone rate hike.

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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Following yesterday's developments, investors may be wary of remarks by ECB President Lagarde
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