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Will the market wait and see where the U.S. dollar is headed as it shows signs of weakness following remarks by a key official?

Market Report

Will the market wait and see where the U.S. dollar is headed as it shows signs of weakness following remarks by a key official?

01.12.2022

Today's Highlights
  1. U.S. ISM Manufacturing Index
  2. Remarks by U.S. Federal Reserve Board Vice Chair Bar

In yesterday’s U.S. currency markets, the U.S. dollar became the weakest currency as the Dollar Index fell to 105.5. GBP/USD rose from 1.1900 to 1.2085 and has continued to climb during today’s Asian trading session.On the daily chart, GBP/USD is trading just below the 200-day SMA, and yesterday’s rally has kept it above the weekly 20-day MA. Similar to EUR/USD, GBP/USD saw a significant rally up to the monthly 10-day MA and closed November with a strong bullish candle, so it will be interesting to see if the upward momentum from the start of the month continues.

Among European currencies, the euro weakened against the strong Oceania currencies, with the EUR/AUD pair falling from 1.5488 to 1.5309.From a technical perspective, the EUR/AUD pair has pulled back as its upside was capped by the 200-period SMA on the hourly chart, and since it is forming a pattern of lower lows, we will be watching closely to see if the decline continues into the European trading session.

Today’s economic indicators include the UK Nationwide House Price Index, German retail sales, and the Turkish Manufacturing PMI at 16:00; the Swiss Consumer Price Index at 16:30; the Swiss Manufacturing PMI at 17:30; the UK Manufacturing PMI at 18:30;at 9:30 PM, U.S. Challenger Layoff Announcements; at 10:30 PM, Canada’s Q3 Labor Productivity Index and U.S. Initial Jobless Claims; at 11:30 PM, remarks by Fed Governor Bowman; at 12:00 AM, the U.S. ISM Manufacturing PMI;and at 29:00, remarks by U.S. Federal Reserve Vice Chair Bar are scheduled. I intend to wait and see how the U.S. dollar, which has been trading lower due to these key figures’ remarks, will move.

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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