Investors should keep a close eye on price movements as U.S. markets close on the final day of the Obon holiday
15.08.2022
- Number of New and Existing Home Sales
- M.I. NAHB Housing Market Index
Last weekend, the U.S. dollar strengthened against the euro, with the EUR/USD pair falling by just under 90 pips from 1.0327 to 1.0238.The University of Michigan Consumer Sentiment Index for August, released last weekend, came in at 55.1, exceeding the market forecast of 52.5. This marks the second consecutive monthly increase since it hit a record low in June. On the 4-hour chart, we will be watching to see if the EUR/USD pair will rise again, with the 200-day SMA acting as support.
Among European currencies, the pound lost momentum against the U.S. dollar, with GBP/USD falling approximately 110 pips from 1.2215 to 1.2100. GBP/USD is currently trading in a range between the 20-day and 75-day moving averages on the daily chart, and as price volatility has been narrowing, we will be watching closely to see if the pound continues to lose momentum and breaks below this year’s low once again.
Today, the schedule includes Swiss producer import prices at 15:30 Asia time; Canadian manufacturing shipments, Canadian wholesale sales, and the U.S. New York Fed Manufacturing Index at 21:30 U.S. time; Canadian existing home sales at 22:00; the U.S. NAHB Housing Market Index at 23:00; and U.S. securities investment data at 29:00.Ahead of the release of the U.S. FOMC minutes on Wednesday, the 17th, and the U.S. Philadelphia Fed Business Outlook Index on Thursday, the 18th, we intend to carefully monitor how the market moves during the summer holiday period.
Author: Keisuke Sakurai
