Caution over the euro's upward trend?
21.06.2022
- Remarks by MPC Member Pill (UK)
- U.S. – Barkin: Remarks by the President of the Richmond Federal Reserve Bank
On the previous day, the U.S. currency market saw limited movement due to the stock market being closed for Emancipation Day, with the EUR/USD trading within a range of 1.0471 to 1.0545, a fluctuation of approximately 70 pips.Technically, while the EUR/USD pair is showing a slight upward trend supported by the 20-period moving average (MA) on the 4-hour chart, it remains capped by the 75-period MA. Therefore, should the pair rise, we will be watching closely to see if it can extend its gains to the recent high of 1.0601.
While cross-yen pairs generally saw little movement, the euro edged higher against the yen, with the EUR/JPY pair rising by about 1 yen. The EUR/JPY is currently trading around 142.190 and is testing resistance above the 10-period moving average on the 4-hour chart. We will be watching to see if further gains occur from today’s European session through the U.S. session.
Today’s schedule includes the Swiss trade balance at 15:00 (Asia time), remarks by MPC member Pill at 16:15 (Europe time), the CBI Business Survey at 19:00 (Europe time), remarks by MPC member Tenreiro at 21:15 (Europe time), Canadian retail sales at 21:30 (U.S. time),the US Chicago Fed National Activity Index at 21:30, US Existing Home Sales at 23:00, remarks by US Federal Reserve Bank of Cleveland President Mester at 25:00, remarks by US Federal Reserve Bank of Richmond President Barkin at 28:30, and New Zealand’s trade balance at 7:45 the following day. We should remain vigilant regarding the upward trend in the euro.
Author: Keisuke Sakurai
