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Market Participants May Keep a Close Eye on Currency Strength and Weakness Over the Weekend While the Japanese Market Is Closed

Market Report

Market Participants May Keep a Close Eye on Currency Strength and Weakness Over the Weekend While the Japanese Market Is Closed

23.09.2022

Today's Highlights
  1. Remarks by U.S. Federal Reserve Chair Powell
  2. Remarks by Federal Reserve Vice Chair Brainard

In yesterday’s U.S. currency trading, the U.S. dollar fluctuated against the euro as the U.S. August Leading Economic Index improved to -0.3% from the previous month’s -0.4%; the EUR/USD pair traded within the range of 0.9808 to 0.9907.During today’s Asian trading session, the EUR/USD pair has edged lower, testing support levels. With the Dollar Index also holding steady at a high level of 111.3, traders should remain cautious of a potential decline heading into the weekend.

Among European currencies, the pound—which saw its policy rate raised to 2.25% following yesterday’s announcement—fell against the U.S. dollar.Although GBP/USD rebounded from 1.1209 to 1.1364, it gave up nearly all of those gains following the policy rate announcement and is currently testing support around 1.1235 during Asian trading hours. Since GBP/USD is in the midst of hitting new lows, traders should exercise caution regarding overly aggressive contrarian trades.

Today, the French Manufacturing/Services PMI will be released at 4:15 p.m., followed by the GermanManufacturing/Services PMI at 4:30 p.m., the Eurozone Manufacturing/Services PMI at 5:00 p.m., the UK Manufacturing/Services PMI at 5:30 p.m., the UK CBI Retail Trade Survey at 7:00 p.m., Canadian Retail Sales at 9:30 p.m.,U.S. Manufacturing/Services PMI at 10:45 p.m., remarks by SNB Governor Jordan at 12:30 a.m., and remarks by Fed Chair Powell, Vice Chair Brainard, and Governor Bowman at 3:00 a.m.With the Japanese market closed, we will be closely monitoring currency strength and weakness over 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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