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Should We Keep an Eye on the Direction of the Weakening Euro?

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Should We Keep an Eye on the Direction of the Weakening Euro?

03.08.2022

Today's Highlights
  1. Eurozone Producer Price Index
  2. U.S. ISM Non-Manufacturing Purchasing Managers' Index

On the previous day, the U.S. dollar rose, in contrast to the continued decline in stock prices. As bonds were sold off and the yield on the 10-year U.S. Treasury note rose again to 2.71%, the Dollar Index also rebounded to the 106 level.The EUR/USD pair, which had appeared poised to rise, reversed course and fell from 1.2093 to 1.0162—a decline of approximately 130 pips. While the pair appeared to have been capped by the 200-period SMA on the 4-hour chart and pulled back, we will be watching closely to see if it can rebound again around the 20-period MA on the daily chart.

Among European currencies, the euro is trading weaker against the pound ahead of tomorrow’s policy rate announcement, with the EUR/GBP pair falling approximately 60 pips from 0.8400 to 0.8339.The downward trend in the euro/pound pair, which began after it hit this year’s high of 0.8719 on June 15, shows no signs of stopping, with the pair falling below the 61.8% Fibonacci retracement level on the daily chart. It will be worth watching to see if tomorrow’s Bank of England (BOE) policy rate announcement accelerates this decline.

Today, during Asian trading hours, Germany’s trade balance will be released at 15:00, followed by Switzerland’s Consumer Price Index at 15:30; during European trading hours, Turkey’s Consumer Price Index and Producer Price Index will be released at 16:00, followed by France’s Services PMI at 16:50, the UK’s Services PMI at 17:30,at 18:00 the Eurozone Producer Price Index, at 20:00 the U.S. MBA Mortgage Applications Index, at 22:45 U.S. time the U.S. Services PMI, at 23:00 the U.S. ISM Non-Manufacturing Index, and at 23:30 U.S. weekly crude oil inventories,remarks by Harker, President of the Federal Reserve Bank of Philadelphia, and at 24:45, remarks by Birkin, President of the Federal Reserve Bank of Richmond. Keep an eye on price movements following the release of the final PMI figures during European trading hours.

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

Will European currencies, which have been rising against the U.S. dollar, continue to gain ground at the start of the month?

Next Article

Will the Bank of England’s policy rate match market expectations of 1.75%?
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