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With Geopolitical Risks Persisting and the Euro Struggling to Gain Ground, All Eyes Are on Its Future Direction

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With Geopolitical Risks Unresolved, Market Watchers Are Keeping a Close Eye on the Euro’s Direction as It Struggles to Gain Ground

06.09.2022

Today's Highlights
  1. U.S. ISM Non-Manufacturing Purchasing Managers' Index
  2. German Manufacturing Orders

In the U.S. currency market the previous day, trading was characterized by sporadic, low-volatility movements, partly because U.S. markets were closed for a holiday. The Dollar Index fell to 109.5, and the EUR/USD pair—which had opened with a downward gap yesterday—rose, completely filling that gap.It rebounded by 90 pips, rising from 0.9878 to 0.9968. However, since the EUR/USD has not yet surpassed its recent high on the 4-hour chart, the downtrend has not been resolved; therefore, traders should pay close attention to the direction of the market as U.S. trading hours approach.

European currencies are facing resistance as the euro struggles to gain ground due to the indefinite suspension of Nord Stream 1, and the euro/yen pair has been trading in a range between 138.689 and 139.620.During today’s Asian trading session, the euro/yen rose along with the general upward trend in cross-yen pairs, touching 139.966. Since the euro/yen appears to be forming a triple top on the daily chart, traders should keep in mind the possibility of a sharp decline driven by fundamental factors.

Today, German manufacturing orders will be released at 15:00 during Asian trading hours, followed by the UK construction PMI at 17:30 during European trading hours, South Africa’s second-quarter GDP at 18:30,at 20:00, Mexico’s total fixed capital formation; during U.S. trading hours at 22:45, the U.S. services PMI (final reading); at 23:00, the U.S. ISM Non-Manufacturing Index; and at 24:30, a U.S. 1-year Treasury bill auction.With geopolitical risks still lingering and the euro facing resistance on the upside, we will be closely monitoring its direction.

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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