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All eyes are on whether currency strength will shift on the final day of the weekend

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All eyes are on whether currency strength will shift on the final day of the weekend

25.11.2022

Today's Highlights
  1. Canada: Fiscal Balance
  2. Switzerland: Nonfarm Employment

Yesterday, the U.S. dollar weakened against the pound, with the GBP/USD pair rising from 1.2049 to 1.2153, hitting a new high for the month.On the daily chart, the GBP/USD pair is approaching the 200-day SMA, and the RSI is nearing 70. However, since no divergence has occurred and the upward trend continues, we will be watching closely to see if the pair will continue its upward movement after a brief correction.

Among European currencies, although Germany’s November IFO Business Climate Index, released yesterday, came in at 86.3—exceeding the market forecast of 85.1—the euro fell against the pound.The euro also fell against the yen, with the EUR/JPY pair dropping approximately 150 pips from 145.193 to 143.654. Although the EUR/JPY has rebounded during today’s Asian trading session, traders should remain cautious for a potential decline, as the 10-period moving average (MA) lies just above the 4-hour chart.

Today, at 16:00 European time, Germany’s third-quarter GDP (final reading) and GFK Consumer Confidence Index will be released, followed by Sweden’s Producer Price Index at 16:30, Switzerland’s non-agricultural employment figures at 16:45, and France’sConsumer Price Index at 16:30, Hungary’s unemployment rate at 17:00, the Philippines’ unemployment rate at 18:00, India’s foreign exchange reserves at 20:30, Mexico’s GDP at 21:00, and Canada’s fiscal balance at 25:00 during U.S. trading hours.We’ll need to assess carefully whether 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.

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All Eyes on Whether the U.S. Dollar, Which Has Been Struggling to Gain Ground Following the Release of the FOMC Minutes, Will Rebound

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Market Participants to Keep a Close Eye on Currency Strength and Weakness at the Start of the Week, Which Began with Buying of the U.S. Dollar and the Yen
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