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All eyes are on whether currency strength and weakness will shift significantly on the final day of the weekend.

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All eyes are on whether currency strength and weakness will shift significantly on the final day of the weekend.

11.11.2022

Today's Highlights
  1. University of Michigan Consumer Sentiment Index
  2. UK Trade Balance

In U.S. currency trading the previous day, the U.S. dollar plummeted after the U.S. CPI came in at 7.7% year-over-year, falling short of market expectations. The EUR/USD pair rose by approximately 280 pips from 0.9935 to 1.0221. It hit a new high for the month and broke well above the 20-day moving average on the daily chart.Since the EUR/USD pair has risen above its recent high on the daily chart as well, we will be watching closely to see if the euro’s strength continues on the final day of the week.

Among European currencies, the pound emerged as the strongest, with the GBP/USD pair rising 370 pips from 1.1362 to 1.1731.Following yesterday’s rise, the GBP/USD pair broke above the 75-day moving average (MA) on the daily chart with a real body candle, confirming that the uptrend is continuing. It will be interesting to see if the upward trend continues, albeit with some consolidation along the way.

Today, at 16:00, the UK will release its third-quarter GDP, industrial production, manufacturing output, goods trade balance, and trade balance, along with Germany’s consumer price index, and Turkey’s industrial production and current account balance;at 8:00 p.m., remarks by UK MPC Member Haskell; at 9:45 p.m., remarks by Swiss SNB Governor Jordan; at 10:10 p.m., remarks by UKTenreiro, MPC Member, at 22:10; the University of Michigan Consumer Sentiment Index at 24:00; and remarks by Nagel, President of the German Federal Bank, at 26:30. I want to carefully assess the direction of the market to see if there will be significant shifts in currency strength on this final day of 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.

Previous Article

Should We Keep an Eye on the Direction of the Slumping Pound?

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All Eyes on the U.S. Dollar’s Resilience as It Rebounds from a Sharp Drop Following the Release of U.S. CPI Data
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