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Should We Keep an Eye on the Euro’s Price Movements at the Start of the Month as It Rises?

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Should We Keep an Eye on the Euro’s Price Movements at the Start of the Month as It Rises?

01.09.2022

Today's Highlights
  1. U.S. Weekly Natural Gas Inventories
  2. U.S. ISM Manufacturing PMI

In U.S. currency trading the previous day, the dollar strengthened after Cleveland Fed President Mester stated, “We need to raise the policy rate to a level above 4% and maintain it there.” The AUD/USD pair fell by about 60 pips from 0.6903 to 0.6840.The pair continued to decline during today’s Asian trading session, touching 0.6804. However, since it has reached a level that acts as a support line on the 4-hour chart, traders should watch for a corrective rebound.

In the European currency market, the euro held its ground against the strengthening U.S. dollar, with the EUR/USD pair rising by just over 100 pips from 0.9971 to 1.0079.The euro also continues to perform strongly against the pound, another European currency, with the EUR/GBP pair posting a strong bullish candle for the fourth consecutive day. While it is currently trading at 0.8649, the 4-hour RSI stands at 77, so traders should be wary of a corrective pullback.

Today, at 15:00, UK Nationwide House Prices and German Retail Sales; at 15:30, Swiss Retail Sales; at 16:30, Swiss Manufacturing PMI;at 5:30 PM UK Manufacturing PMI, at 8:30 PM US Challenger Layoff Forecasts, at 9:30 PM Canadian Housing Starts, US Initial Jobless Claims, and US Q2 Nonfarm Productivity, at 10:45 PM US Manufacturing PMI,11:00 PM: U.S. ISM Manufacturing Index; 11:30 PM: U.S. Weekly Natural Gas Inventories; 2:30 AM: Remarks by Bostic, President of the Atlanta Fed. Keep an eye on the euro’s price movements at the start of the month as it continues to rise.

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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U.S. – Mester: Should We Pay Attention to the Cleveland Fed President’s Remarks?

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