Will the euro, which is gaining momentum, continue to rise during U.S. trading hours?
18.08.2022
- Prices of Agricultural and Industrial Products
- U.S. Existing Home Sales
In yesterday’s U.S. currency trading, the U.S. dollar, which had weakened following the release of the FOMC minutes, remained strong 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 prices break 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 estimates on both a quarter-on-quarter and year-on-year basis, the euro surged against the yen. The EUR/JPY pair rose by 160 pips, climbing from 136.252 to 137.873.Since EUR/JPY 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 and extend its gains to the recent high of 138.396.
Today, at 3:00 PM, Switzerland’s trade balance; at 6:00 PM, the Eurozone’s consumer price index; at 8:00 PM, Turkey’s TCMB policy rate and statement; at 9:30 PM, Canada’s industrial producer prices and housing prices, U.S. initial jobless claims, and the U.S. Philadelphia Fed Business Outlook Index;at 11:00 PM, U.S. Existing Home Sales and the U.S. Leading Economic Index; at 11:30 PM, U.S. Weekly Natural Gas Inventories; at 2:20 AM, remarks by George, President of the Kansas City Fed; and at 2:45 AM, remarks by Kashkari, President of the Minneapolis Fed. We will be watching to see if the euro, which has been gaining momentum, will continue to rise during U.S. trading hours.
Author: Keisuke Sakurai
