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Caution Over Price Fluctuations Caused by Statements from Key Figures in Various Countries?

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Caution Over Price Fluctuations Caused by Statements from Key Figures in Various Countries?

19.10.2022

Today's Highlights
  1. Kashkari (U.S.): Remarks by the President of the Minneapolis Fed
  2. Remarks by BOE Deputy Governor Kanrif of the UK

In the U.S. currency market the previous day, the dollar’s upside was capped as the Dollar Index fell to 111. The EUR/USD pair rose gradually by about 60 pips, from 0.9814 to 0.9874. The price action indicated an attempt to rise just below the 200 SMA on the 4-hour chart.As of now during Asian trading hours, the price is not facing resistance at the 4-hour 200 SMA but appears to be forming higher lows; therefore, we will be watching closely to see if a breakout above this level occurs heading into European trading hours.

Among European currencies, the pound—which had staged a strong rebound the day before yesterday—became the weakest currency. The GBP/JPY pair fell by about 2.5 yen, from 170.043 to 167.613. Although it briefly dipped below the 20-period moving average (MA) on the hourly chart, it has been rebounding along that MA during today’s Asian trading session.Since no divergence can be confirmed on the GBP/JPY daily RSI, which is hovering just below 70, we will be watching for further gains.

Today, at 15:00 Asia time, the UK Consumer Price Index, UK Retail Sales, and UK Producer Price Index will be released; at 18:00 Europe time, the Eurozone Consumer Price Index; at 21:30 U.S. time, the Canadian Consumer Price Index and U.S. Housing Starts; and at 22:00, remarks by UKremarks by BOE Deputy Governor Kanrif, at 23:30 during U.S. trading hours: U.S. weekly crude oil inventories, at 24:00: remarks by a member of the Bank of England’s Monetary Policy Committee (MPC), at 26:00: remarks by U.S. Federal Reserve Bank of Minneapolis President Kashkari, and at 27:00: the U.S. Federal Reserve District Economic Reports.While remaining vigilant for price fluctuations caused by remarks from key figures in various countries, I intend to closely monitor currency strength and weakness.

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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