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All Eyes on Price Movements at the Start of the Week Leading Up to the Policy Rate Announcement

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All Eyes on Price Movements at the Start of the Week Leading Up to the Policy Rate Announcement

01.08.2022

Today's Highlights
  1. Germany: Retail Sales
  2. France: Manufacturing PMI

Last weekend, the U.S. currency market saw the Dollar Index trade sideways at 105.7, while the EUR/USD pair fluctuated within a range of 1.0249 to 1.0146.Although the EUR/USD pair has been moving within a range, it has been forming higher lows on the 4-hour chart. Additionally, a golden cross has formed between the 75-period and 20-period moving averages on the 4-hour chart, so it will be worth watching to see if the euro gradually regains strength against the U.S. dollar.

In the European currency markets, the pound fell sharply against the U.S. dollar but then rebounded, resulting in a market where buying and selling pressures were evenly balanced. The GBP/USD pair fell from 1.2245 to 1.2064 before recovering.With the U.S. July ISM Manufacturing Index set to be released today, we will be monitoring the strength of the manufacturing sector while keeping a close eye on the relative strength of the pound against the U.S. dollar.

Today, German retail sales will be released at 15:00 during Asian trading hours, followed by the Turkish Manufacturing PMI at 16:00 during European trading hours, the French Manufacturing PMI at 16:50, the German Manufacturing PMI at 16:55, the Eurozone Manufacturing PMI at 17:00,at 17:30 UK Manufacturing PMI, at 18:00 the Eurozone unemployment rate, at 22:45 US Manufacturing PMI, at 23:00 the US ISM Manufacturing Index, and US construction spending are scheduled.In addition, this week is packed with events, including tomorrow’s Australian policy rate announcement, Wednesday’s U.S. ADP employment report, and Thursday’s UK policy rate announcement. I’d like to start by closely monitoring price movements at the beginning 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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