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Will the release of economic indicators in U.S. time clarify currency strength and weakness?

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Will the release of economic indicators in U.S. time clarify currency strength and weakness?

09.11.2022

Today's Highlights
  1. U.S. – Williams: Remarks by the President of the New York Fed
  2. U.S. MBA Mortgage Applications Index

In the U.S. currency market the previous day, both short-term and long-term U.S. Treasury yields fell, causing the U.S. dollar to weaken against the euro. The EUR/USD pair rose by approximately 120 pips from 0.9972 to 1.0096.This brought the pair in line with the recent high set on October 27. Since yesterday’s rise completed a retest of the downtrend line, we will be closely monitoring the EUR/USD’s price action to see if it will extend higher, possibly with some consolidation along the way.

Among European currencies, the pound’s upward momentum has paused, and the euro/pound pair has entered a state of equilibrium. The euro/pound is currently trading around 0.8723, and the daily RSI is showing a slight upward trend from around the 50 midline.On the weekly chart, the EUR/GBP pair has been rising with support from the 75-day moving average (MA), so it will be worth watching to see if the euro continues to strengthen over time.

Today, at 17:00 European time, U.S. Federal Reserve Bank of New York President Williams will speak;, remarks by RBA Deputy Governor Block at 18:05, the U.S. MBA Mortgage Applications Index at 21:00, remarks by MPC Member Haskell at 22:00 (U.S. time), U.S. Wholesale Inventories (final) at 24:00,at 24:30, U.S. weekly crude oil inventories; at 25:00, remarks by U.S. Richmond Fed President Birkin; at 25:30, remarks by U.K. BOE Deputy Governor Canrif; and at 27:00, a U.S. 10-year Treasury auction.We will monitor the situation closely to see if the release of these indicators during U.S. trading hours will clarify currency strength and weakness, while remaining vigilant regarding the results of the U.S. midterm elections.

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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