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Will the Euro, which is gaining momentum, continue to rise during U.S. trading hours?

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Will the Euro, which is gaining momentum, continue to rise during U.S. trading hours?

18.08.2022

Today's Highlights
  1. Prices of Agricultural and Industrial Products
  2. U.S. Existing-Home Sales

In the U.S. currency market the previous day, the U.S. dollar—which had weakened following the release of the FOMC minutes—gained ground against the pound throughout the day, causing the GBP/USD pair to fall by approximately 110 pips from 1.2142 to 1.2028.Since the GBP/USD pair has formed a double top on the 4-hour chart amid its downtrend, we will be watching closely to see if the price breaks below the recent low of 1.2003.

Despite the fact that the eurozone’s April–June GDP figures released yesterday fell short of the previous readings on both a quarter-over-quarter and year-over-year basis, the euro surged against the yen. The euro/yen pair rose 160 pips, from 136.252 to 137.873.Since the EUR/JPY pair has formed a double bottom on the daily chart, it will be worth watching to see if it can firmly break above the 20-day moving average with a real body candle and extend its rally to the recent high of 138.396.

Today, at 15:00, Switzerland’s trade balance; at 18:00, the Eurozone’s Consumer Price Index; at 20:00, the Turkish Central Bank’s (TCMB) policy rate and statement; at 21:30, Canada’s industrial producer prices and housing prices;U.S. Initial Jobless Claims and the U.S. Philadelphia Fed Business Outlook Index at 21:30; U.S. Existing Home Sales and the U.S. Leading Economic Index at 23:00; U.S. Weekly Natural Gas Inventories at 23:30; and at 26:20, remarks by U.S. Federal Reserve Bank of Kansas City President George:Kansas City Fed President, and at 26:45, remarks by U.S. Minneapolis Fed President Kashkari are scheduled. It will be interesting to see if the euro, which has been gaining momentum, will continue to rise during U.S. 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.

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