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Will the trend of Japanese yen buybacks continue into the start of the week?

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Will the trend of Japanese yen buybacks continue into the start of the week?

04.07.2022

Today's Highlights
  1. U.S. markets closed for a holiday
  2. Remarks by Nagel, President of the German Central Bank

Last weekend, the U.S. dollar saw buying pressure similar to that of the Japanese yen, and as the Dollar Index rose to 105, the GBP/USD pair fell from 1.2188 to 1.1197.From a technical perspective, 1.1930 is the most recent low, and a break below this level would signal a return to a “vacuum zone.” For now, we’ll wait and see cautiously to see if the pair rebounds firmly at 1.1930.

European currencies saw the euro fall sharply against the U.S. dollar, from 1.0485 to 1.0366.Although the European manufacturing PMI released last weekend came in at 52.1, exceeding market expectations, the European consumer price index released on the same day rose to 8.6%, fueling concerns about a recession driven by expectations of interest rate hikes.Since the euro/dollar pair has reached the monthly support level around 1.0340, we will be watching closely to see if a significant rebound occurs.

Today, at 15:00 during Asian trading hours, Germany’strade balance at 15:00, the Swiss Consumer Price Index at 15:30, the Turkish Consumer Price Index and Producer Price Index at 16:00 during European trading hours, the Eurozone Producer Price Index at 18:00, and remarks by German Bundesbank President Nagel at 23:00 during U.S. trading hours.We’ll want to closely monitor whether the trend of the Japanese yen being bought back continues into the start of the week.

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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