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All eyes are on whether the faltering U.S. dollar will rebound following remarks by key officials

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All eyes are on whether the faltering U.S. dollar will rebound following remarks by key officials

17.11.2022

Today's Highlights
  1. Remarks by Bowman, Member of the Federal Reserve Board
  2. Philadelphia Fed Business Outlook Index

Yesterday, the U.S. dollar held its ground against weakening European currencies, while the AUD/USD pair fell from 0.6791 to 0.6722. Although the AUD/USD had posted four consecutive weeks of gains, it has recently pulled back as it approaches the 200-day EMA on the daily chart.With Oceania currencies continuing to weaken, we will be watching closely to see if the U.S. dollar will rebound against the Australian dollar—specifically, whether the price will break below the 4-hour 20-MA line at 0.6738 with a real body candle.

Among European currencies, the euro emerged as the strongest, with the EUR/USD pair rising from 1.0331 to 1.0437. However, after the rally, it pulled back to 1.0355 and is currently trading just below the 20-period moving average (MA) at 1.0390 during today’s Asian session.On the 4-hour chart, the EUR/USD pair is forming lower highs, and on the daily chart, the RSI has reached 70 just below the 200-day SMA. We should remain cautious as this suggests the rally, which has lasted for about two weeks, may be pausing for now.

Today’s schedule includes Switzerland’s trade balance at 16:00, the Eurozone’s Consumer Price Index at 19:00, remarks by MPC member Pill of the Bank of England at 21:30, and remarks by U.S. Federal Reserve Bank of St. Louis PresidentSt. Louis Fed President’s remarks; at 10:30 p.m., U.S. initial jobless claims, U.S. housing starts, U.S. building permits, and the U.S. Philadelphia Fed Business Outlook Index; at 11:15 p.m., U.S. Federal Reserve Governor Bowman’s remarks; at 11:30 p.m., UKTenreyro, MPC Member, at 23:30; remarks by U.S. Federal Reserve Governor Mester, President of the Cleveland Fed, at 23:40; U.S. weekly natural gas inventories at 24:30; remarks by U.S. Federal Reserve Governor Jefferson at 24:40; and remarks by U.S. Federal Reserve Governor Kashkari,Minneapolis Fed President, and at 25:00, remarks by the Kansas City Fed President are scheduled. We will closely monitor the market direction to see if the faltering U.S. dollar can rebound on the back of these key speeches.

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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