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All Eyes on Whether the ECB Will Raise Rates to 1.0% as Expected

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All Eyes on Whether the ECB Will Raise Rates to 1.0% as Expected

08.09.2022

Today's Highlights
  1. U.S. Initial Unemployment Insurance Claims
  2. Europe: ECB Policy Rate and Statement Release

In U.S. currency trading the previous day, the Dollar Index fell to 109.7, while the EUR/USD rose 130 pips from 0.9876 to 1.0008.With yesterday’s rise, the EUR/USD has broken out of its downtrend on the 4-hour chart and is now trading in a range-bound market. Currently, the EUR/USD is trading just below the 75-period moving average (MA) on the 4-hour chart, with price action indicating that the market is searching for direction.

Ahead of today’s ECB policy rate announcement, the euro rose against the yen. The euro/yen pair climbed approximately 2.7 yen from yesterday’s 141.312 to 144.031. This marked a two-month high, and the pair continued to hit new highs during today’s Asian trading session.It touched 144.328, setting a new high for the year. While the ECB is expected to raise rates to 1.0% today, all eyes are on whether it will implement a larger-than-expected rate hike in response to Europe’s unrelenting inflation.

Today’s schedule includes France’s trade balance at 15:45, South Africa’s manufacturing production at 20:00, the ECB’s policy rate announcement and statement at 21:15, U.S. initial jobless claims at 21:30, ECB President Lagarde’s press conference at 21:45,at 10:10 p.m., remarks by U.S. Federal Reserve Chair Powell; at 11:30 p.m., U.S. natural gas inventories; at midnight, U.S. weekly crude oil inventories; at 12:45 a.m., remarks by BOC Senior Deputy Governor Rogers; at 1:00 a.m., remarks by U.S. Federal Reserve Bank of Chicago President Evans;Chicago Fed President, and at 27:20, remarks by Kashkari, President of the Minneapolis Fed. We will be watching closely to see if the ECB raises rates to 1.0% as expected.

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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