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Mester (U.S.): Should We Pay Attention to the Cleveland Fed President's Remarks?

Market Report

Mester (U.S.): Should We Pay Attention to the Cleveland Fed President's Remarks?

31.08.2022

Today's Highlights
  1. U.S. Weekly Crude Oil Inventories
  2. Mester (U.S.): Remarks by the President of the Cleveland Federal Reserve Bank

In yesterday’s U.S. currency trading, the Canadian dollar was the weakest currency, and the CAD/JPY pair fell by just under 90 pips from 106.684 to 105.778.Market sentiment was weighed down by yesterday’s release of Canada’s second-quarter current account balance, which fell to 2.69 billion Canadian dollars—roughly half the previous reading. During today’s Asian trading session, the CAD/JPY pair continues to test lower levels as its upside is capped by the 20-period moving average on the hourly chart; therefore, traders should be cautious about chasing the downside.

Among European currencies, the pound weakened against the U.S. dollar, with the GBP/USD pair falling 130 pips from 1.1760 to 1.1622.GBP/USD has once again hit a new low for the year, and the daily RSI is hovering around 30, leaving only a slight margin for further decline. We will need to assess carefully whether the pair will continue to test lower levels during European trading hours.

Today’s schedule includes Germany’s Import Price Index at 3:00 p.m., France’s Q2 GDP, Producer Price Index, and Consumer Price Index at 3:45 p.m., Turkey’s Q2 GDP at 4:00 p.m., and Germany’sunemployment rate, at 6:00 PM the Eurozone Consumer Price Index, at 8:00 PM South Africa’s trade balance and remarks by U.S. Federal Reserve Bank of Cleveland President Mester, at 9:15 PM U.S. ADP employment figures, at 9:30 PM Canada’s GDP,at 10:45 PM: U.S. Chicago Purchasing Managers’ Index, and at 11:30 PM: U.S. weekly crude oil inventories. We will monitor currency strength and weakness while paying close attention to remarks by key figures 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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