Should We Pay Attention to Key Statements by Central Bank Governors in the U.K., U.S., and Europe?
29.06.2022
- Remarks by Bank of England Governor Bailey
- Remarks by U.S. Federal Reserve Chair Powell at the February Meeting
Yesterday, the U.S. dollar traded firmly against the Oceania, European, and Japanese currencies, emerging as the strongest currency. The rise against the euro was particularly notable, with the EUR/USD pair falling approximately 100 pips from 1.0606 to 1.0502.The sharp decline during yesterday’s U.S. trading session was notable, and similar price movements are being seen during today’s Asian session. However, since the EUR/USD pair has rebounded at 1.0502—the lower boundary of its upward-sloping parallel channel—we will be closely monitoring whether it returns to its uptrend.
European currencies—both the euro and the pound—fell against the U.S. dollar. Yesterday, ECB President Lagarde stated, “We are prepared to raise rates by 0.25 points at the July meeting, but we are ready to take more decisive action if necessary to curb inflation.”Despite expectations of a rate hike, the euro fell against both the U.S. dollar and the yen. The euro/yen pair briefly hit a new high for the year but then retreated, falling from 144.276 to 142.801.
Today’s schedule includes Turkey’s Economic Confidence Index at 16:00 European time, the U.S. MBA Mortgage Applications Index at 20:00, Germany’s Consumer Price Index (flash estimate) at 21:00, and—during U.S. trading hours—U.S. first-quarter GDP and personal consumption at 21:30,U.S. Core PCE Deflator, at 22:00 remarks by Bank of England Governor Bailey, remarks by ECB President Lagarde, and remarks by Federal Reserve Chair Powell; at 23:30 U.S. weekly crude oil inventories;at 24:30, remarks by U.S. Federal Reserve Bank of Cleveland President Mester; and at 26:05, remarks by U.S. Federal Reserve Bank of St. Louis President Bullard. Keep an eye on the key speeches starting at 22:00 tonight.
Author: Keisuke Sakurai
