It remains to be seen whether there will be any change in the back-and-forth movement of the euro-dollar exchange rate.
13.10.2022
- U.S. 30-Year Treasury Auction
- U.S. Consumer Price Index
Yesterday, the U.S. dollar rose against the weakening Japanese yen. The USD/JPY pair climbed by about 1 yen, from 145.809 to 146.967. It surpassed the high reached before last month’s currency intervention, marking a 24-year high.Although USD/JPY has risen to the 147-yen level, the price movement itself has been gradual rather than sharp. Therefore, it will be worth watching whether today’s U.S. CPI release will drive the U.S. dollar even higher.
Among European currencies, the euro remained in a stalemate against the U.S. dollar. The EUR/USD pair traded in a range of just over 60 pips between 0.9667 and 0.9732, forming a sideways market with no clear direction.During today’s Asian session, the pair has not shown a clear direction and is currently looking for a trigger to start a trend at the 61.8% Fibonacci retracement level on the 4-hour chart. On the daily chart, the RSI has reversed, so we will be watching to see if the pair rises during the U.S. session.
Today’s schedule includes the German Consumer Price Index at 3:00 PM Asia time and Swiss Producer Import Prices at 3:30 PM, followed by remarks by a member of the Bank of England’s Monetary Policy Committee at 8:00 PM Europe time and the Germanremarks by German Bundesbank President Nagel, at 21:30 during U.S. trading hours, U.S. initial jobless claims and the U.S. Consumer Price Index, at 23:30, U.S. weekly natural gas inventories, at 24:00, U.S. weekly crude oil inventories, and at 26:00, a U.S. 30-year Treasury auction. We will be watching to see if there are any changes in the price movements of the euro/dollar pair, which has been in a tight range.
Author: Keisuke Sakurai
