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Should We Keep a Close Eye on Price Fluctuations Driven by Western PMI (Preliminary Readings)?

Market Report

Should We Keep a Close Eye on Price Fluctuations Driven by Western PMI (Preliminary Readings)?

23.06.2022

Today's Highlights
  1. European Manufacturing/Services PMI
  2. Remarks by Nagel, President of the German Federal Bank

In U.S. currency markets the previous day, the Dollar Index temporarily fell to 103, and the dollar weakened against the euro. The U.S. MBA mortgage applications data released yesterday showed a 4.2% increase from the previous week, reflecting a rush of mortgage applications ahead of the interest rate hike.The EUR/USD pair rose by approximately 130 pips from 1.046 to 1.060. On the 4-hour chart, prices are forming higher highs.

Among European currencies, the pound—which had been trading lower—rose slightly against the U.S. dollar, with the GBP/USD pair climbing from 1.216 to 1.231.However, on the 4-hour chart, the pair continues to be capped by the 75-period moving average, and since the support level has not yet been definitively raised, caution is warranted in assessing whether this upward trend will continue.

Today, at 16:15, France’s Manufacturing/Services PMI (flash estimate); at 16:30, Germany’s Manufacturing/Services PMI (flash estimate); at 17:00, the Eurozone’s Manufacturing/Services PMI (flash estimate); and at 17:30, the UK’sManufacturing/Services PMI (flash estimates), at 8:00 PM the TCMB policy rate announcement from Turkey, at 9:30 PM U.S. initial jobless claims and the U.S. first-quarter current account balance, at 10:45 PM U.S. Manufacturing/Services PMI (flash estimates),at 11:00 PM, Fed Chair Powell’s Congressional Testimony; at 11:30 PM, remarks by German Bundesbank President Nagel; and at 12:00 AM, U.S. weekly crude oil inventories. Be on the lookout for price fluctuations driven by the European and U.S. PMI (flash estimates).

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.

Previous Article

Should We Be on Alert for Movements in the Pound-Yen Pair, Which Has Returned to the 167-yen Range?

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