Market participants are likely to keep a close eye on price movements driven by preliminary PMI data from Europe and the U.S.
23.06.2022
- European Manufacturing/Services PMI
- Remarks by Nagel, President of the German Central Bank
In the U.S. currency market the previous day, the Dollar Index temporarily fell to 103, and the dollar weakened against the euro. The U.S. MBA mortgage applications released yesterday rose 4.2% from the previous week, reflecting a rush of demand for mortgages ahead of the interest rate hike. The euro rose approximately 130 pips against the dollar, 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 weakly, 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 face resistance at the 75-day moving average, and since the downside has not yet been completely broken, we should exercise caution in assessing whether this upward trend will continue.
Today, at 4:15 PM, France’s Manufacturing/Services PMI (flash estimate); at 4:30 PM, Germany’s Manufacturing/Services PMI (flash estimate); at 5:00 PM, the Eurozone’s Manufacturing/Services PMI (flash estimate);at 5:30 PM UK Manufacturing/Services PMI (flash estimates), at 8:00 PM Turkey TCMB policy rate announcement, at 9:30 PM US initial jobless claims and US Q1 current account balance, at 10:45 PM US Manufacturing/Services PMI (flash estimates),23:00 US Fed Chair Powell’s Congressional Testimony, 23:30 Germany Bundesbank President Nagel’s remarks, and 24:00 US Weekly Crude Oil Inventories. Be on the lookout for price fluctuations driven by the European and US PMI (flash estimates).
Author: Keisuke Sakurai
