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

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Market Participants to Keep a Close Eye on Currency Strength and Weakness Over the Weekend as Japanese Markets Are 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 U.S. currency trading the previous day, the U.S. dollar fluctuated against the euro as the U.S. August Leading Economic Index improved to -0.3% from -0.4% the previous month; the EUR/USD pair traded within a range of 0.9808 to 0.9907.During today’s Asian trading session, the EUR/USD pair has edged lower, testing lower levels. With the Dollar Index also holding steady at a high level of 111.3, traders should remain cautious of a potential upward move heading into the weekend.

Among European currencies, the pound fell against the U.S. dollar following yesterday’s policy rate announcement, in which the policy rate was raised to 2.25%.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 16:15, followed by the GermanManufacturing/Services PMI at 16:30, the Eurozone Manufacturing/Services PMI at 17:00, the UK Manufacturing/Services PMI at 17:30, the UK CBI Retail Trade Survey at 19:00, Canadian Retail Sales at 21:30,at 10:45 PM U.S. Manufacturing/Services PMI, at 12:30 AM Swiss National Bank (SNB) Governor Jordan’s remarks, and at 3:00 AM U.S. Federal Reserve Chair Powell, Vice Chair Brainard, and Governor Bowman’s remarks.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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