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Market Participants May Be on Alert for Price Fluctuations Following Economic Data Releases During European Trading Hours

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Market Participants May Be on Alert for Price Fluctuations Following Economic Indicator Releases During European Trading Hours

17.08.2022

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

In the U.S. currency market the previous day, while the Dollar Index remained flat at 106.4, the dollar rose against the yen, and the USD/JPY pair climbed 170 pips from 132.948 to 134.681.U.S. industrial production data for July, released yesterday, showed a slight improvement in the capacity utilization rate, which rose from 80.0 to 80.3. Although USD/JPY is trading within a range on the 4-hour chart while forming higher lows, traders should remain vigilant for price movements triggered by economic indicators scheduled for release during U.S. trading hours.

Among European currencies, the euro fell against the pound, with the EUR/GBP pair dropping slightly from 0.8439 to 0.8404. The German ZEW Economic Sentiment Survey for August, released yesterday, showed a deterioration from the previous reading of -53.8 to -55.3, which also contributed to euro selling.Since the EUR/GBP pair is in a downtrend on the daily chart, we will be watching closely to see if the euro continues to weaken and decline further.

Today, at 15:00 Asia time, the UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index will be released; during European trading hours, at 18:00, the Eurozone Q2 GDP will be released, followed by South African retail sales at 20:00;U.S. MBA Mortgage Applications Index, at 21:30 U.S. time: U.S. Retail Sales, at 22:30: Remarks by Fed Governor Bowman, at 23:00: U.S. Business Inventories,at 11:30 PM U.S. weekly crude oil inventories, at 2:00 AM U.S. 20-year Treasury auction, and at 3:00 AM U.S. 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

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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