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Market participants may be on the lookout for price fluctuations caused by economic data releases during European trading hours

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Market participants may be on the lookout for price fluctuations caused by economic data releases during European trading hours

17.08.2022

Today's Highlights
  1. Remarks by Bowman, Member of the Federal Reserve Board
  2. Rice · Corporate Inventories

In the previous day’s U.S. currency trading, while the Dollar Index remained flat at 106.4, the dollar rose against the yen, with USD/JPY climbing 170 pips from 132.948 to 134.681.Yesterday’s release of U.S. industrial production data for July showed a slight improvement in the capacity utilization rate, rising from 80.0 to 80.3. While USD/JPY has been trading within a range on the 4-hour chart while forming higher lows, we should remain vigilant for price movements triggered by economic data releases during U.S. trading hours.

Among European currencies, the euro weakened against the pound, with the EUR/GBP pair falling slightly from 0.8439 to 0.8404. The release yesterday of Germany’s August ZEW Economic Sentiment Survey, which showed a deterioration from the previous reading of -53.8 to -55.3, also contributed to the selling pressure on the euro. As the EUR/GBP pair is trending lower on the daily chart, we will be watching closely to see if the euro continues to weaken and decline further.

Today, the UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index are scheduled for 3:00 PM during Asian trading hours; the Eurozone Q2 GDP at 6:00 PM during European trading hours; South African retail sales and the US MBA Mortgage Applications Index at 8:00 PM; US retail sales at 9:30 PM during US trading hours;at 10:30 PM, remarks by Fed Governor Bowman; at 11:00 PM, U.S. Business Inventories; at 11:30 PM, U.S. Weekly Crude Oil Inventories; at 2:00 AM, a U.S. 20-year Treasury auction; and at 3:00 AM, the release of the FOMC minutes. While remaining vigilant for sudden price movements triggered by these releases, I plan to closely monitor currency strength and weakness.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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