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Should We Be Wary of the Euro's Direction as It Weakens Against the Pound?

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Should We Be Wary of the Euro's Direction as It Weakens Against the Pound?

22.11.2022

Today's Highlights
  1. Mester (U.S.): Remarks by the President of the Cleveland Federal Reserve Bank
  2. Turkey Consumer Confidence Index

In the U.S. currency market yesterday, the U.S. dollar strengthened and became the strongest currency as the yield on the 10-year U.S. Treasury note rose to 3.82%. The EUR/USD pair fell by approximately 110 pips from 1.0333 to 1.0222, breaking below the 200-period simple moving average (SMA) on the hourly chart.On the daily chart, the 200-period SMA is acting as resistance for the EUR/USD pair, which has entered a downtrend; therefore, we will be closely watching to see if tomorrow’s release of the FOMC minutes changes the market’s direction.

European currencies fell against the pound after Germany’s October Producer Price Index (PPI), released yesterday, plummeted to -4.2% from the market forecast of 0.7%.The euro-pound exchange rate fell slightly from 0.8697 to 0.8658. During today’s Asian trading session, the pair continues to test lower levels. Since the daily chart shows a significant break below the previous high, traders should remain cautious about a long-term decline in the euro.

Today’s economic indicators include the Turkish Consumer Confidence Index at 16:00, remarks by RBA Governor Lowe of Australia, Canadian Retail Sales at 22:30, the U.S. Richmond Fed Manufacturing Index at 24:00, and remarks by U.S. Federal Reserve Bank of Cleveland President Mester at 25:00:Cleveland Fed President’s remarks; at 26:00, remarks by Rogers, Senior Deputy Governor of the Bank of Canada; at 27:00, remarks by Nagel, President of the German Bundesbank; U.S. 7-year Treasury auction; at 28:15, remarks by George:Kansas City Fed President, and at 28:45, remarks by U.S. St. Louis Fed President Bullard are scheduled. We should remain vigilant regarding the direction of the euro, which is currently trading weaker against the pound.

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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Will the release of the FOMC minutes trigger price movements? All eyes are on the direction of the U.S. dollar.
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