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Market Participants May Keep a Close Eye on Upside Potential for European Currencies Amid Weaker-than-Expected Economic Indicators

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Market Participants May Keep a Close Eye on Upside Potential for European Currencies Amid Weaker-than-Expected Economic Indicators

25.10.2022

Today's Highlights
  1. Remarks by Pill, a Member of the UK’s MPC
  2. U.S. S&P/Case-Shiller Home Price Index

In U.S. currency trading the previous day, the dollar faced resistance as the Dollar Index fell from 112 to 111. Although the dollar is facing resistance, it remains in a tight range against the pound, with the GBP/USD pair trading around 1.1270; it has since risen to 1.1312 during Asian trading hours.Yesterday, reports emerged that a new British prime minister had been elected and that former Chancellor Rishi Sunak would take office, but this did not lead to a rise in the pound, and price fluctuations remained limited.

Despite the fact that Germany’s October Manufacturing PMI (Purchasing Managers’ Index), released yesterday, came in at 45.7—below the market forecast of 47.2—the euro rose against the yen.The EUR/JPY pair rose from 145.955 to 147.198, showing a gradual upward trend along the 10-period moving average (MA) on the hourly chart. On the 4-hour chart as well, the EUR/JPY pair has not experienced any sharp fluctuations, and since the 4-hour RSI has reversed near the 60 level, it will be worth watching to see if an upward move occurs during U.S. trading hours.

Today, at 15:00 Asia time, Japan’s machine tool orders will be released; at 16:00 Europe time, Turkey’s Economic Sentiment Index and Capacity Utilization Rate will be released; at 17:00, Germany’s IFO Business Climate Index will be released; at 17:55, remarks by MPC member Pill of the Bank of England will be made; and at 19:00, the UK’sCBI Business Survey; during U.S. trading hours at 22:00, the U.S. S&P/Case-Shiller Home Price Index; at 23:00, the U.S. Consumer Confidence Index and the U.S. Richmond Fed Manufacturing Index; at 26:00, the U.S. 2-year Treasury auction; andand at 26:55, remarks by U.S. Federal Reserve Governor Waller. We will be keeping a close eye on the upside potential for European currencies following the weaker-than-expected economic data.

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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