All eyes are on whether the momentum of the rebounding euro-dollar pair will continue
02.12.2022
- Evans (U.S.): Remarks by the President of the Chicago Fed
- U.S. – Barkin: Remarks by the President of the Richmond Federal Reserve Bank
In the previous day’s U.S. trading session, the dollar faced resistance following dovish comments from a senior Fed official, causing the EUR/USD pair to rise from 1.0437 to 1.0538. From a technical perspective, the EUR/USD has rebounded with support from the 75-period moving average on the 4-hour chart. Given that the euro remains relatively strong, traders should watch for further gains in the EUR/USD during U.S. trading hours.
European currencies fell against the yen, although the pound held up well on the downside; GBP/JPY dropped from 167.205 to 165.247. While GBP/JPY has recently been trading sideways around the 166-yen level, it has been gradually forming lower highs, so traders should be on guard for a potential decline in GBP/JPY following economic data releases and comments from key officials during U.S. trading hours.
Today’s economic indicators include: Germany’s trade balance and import price index at 4:00 PM; France’s budget balance, industrial production, and manufacturing production index at 4:45 PM; the Eurozone’s producer price index at 7:00 PM; Brazil’s industrial production at 9:00 PM; Canada’s employment report at 10:30 PM;U.S. Employment Report, remarks by German Bundesbank President Nagel, remarks by U.S. Richmond Fed President Barkin at 11:15 PM, and remarks by U.S. Chicago Fed President Evans at 12:15 AM. We will be closely monitoring whether the momentum of the rebounding EUR/USD pair continues.
Author: Keisuke Sakurai
