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All eyes are on whether the U.S. dollar’s runaway rally will gain momentum over the weekend.

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All eyes are on whether the U.S. dollar’s runaway rally will gain momentum over the weekend.

19.08.2022

Today's Highlights
  1. Retail Sales (Canada)
  2. U.S. - Birkin: Remarks by the President of the Richmond Federal Reserve Bank

The U.S. dollar rose sharply against other currencies yesterday, with the USD/JPY pair climbing approximately 130 pips from 134.643 to 135.908.During today’s Asian trading session, USD/JPY has continued to rise, breaking through the key 136-yen level and climbing as high as 136.372. Since USD/JPY has formed a double bottom on the daily chart—with the right-hand low rising—it will be worth watching whether it can maintain this upward momentum and break above the recent high of 137.342.

Among European currencies, both the pound and the euro were the weakest, with the euro/dollar pair falling 110 pips from 1.0191 to 1.0079.The EUR/USD pair has completely broken below the lower boundary of its upward channel, and its price action suggests a return to a downtrend. We need to remain vigilant to see if it will continue testing lower levels toward this year’s low.

Today, at 15:00 during Asian trading hours, UK retail sales and the German producer price index will be released; during European trading hours, at 17:00, Philippine industrial production and the producer price index will be released, followed by the Eurozone current account balance at 18:00;at 20:00, Mexico’s retail sales; at 20:30, India’s foreign exchange reserves; at 21:30 during U.S. trading hours, Canada’s retail sales; and at 22:00, remarks by U.S. Federal Reserve Bank of Richmond President Barkin.We will be watching closely to see if the U.S. dollar’s runaway strength accelerates heading into the weekend.

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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