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. - Birkin: Remarks by the President of the Richmond Federal Reserve Bank
In the previous day’s U.S. currency trading, the U.S. dollar faced resistance due to dovish remarks from a Fed official, and the EUR/USD pair rose from 1.0437 to 1.0538.From a technical perspective, the EUR/USD pair is showing a rebound supported by the 75-period moving average (MA) on the 4-hour chart. Given that the euro remains relatively strong, traders should watch for potential gains in the EUR/USD pair during U.S. trading hours.
Among European currencies, the pound fell against the yen despite showing resilience on the downside, with the GBP/JPY pair dropping from 167.205 to 165.247.Although GBP/JPY has recently been trading without a clear direction around the 166-yen level, it has been gradually forming lower highs; therefore, traders should be wary of a potential decline in GBP/JPY during U.S. trading hours due to economic data releases or comments from key officials.
Today’s economic indicators include Germany’s trade balance and import price index at 16:00; France’s budget balance, industrial production, and manufacturing production index at 16:45; the Eurozone’s producer price index at 19:00; Brazil’s industrial production at 21:00;at 22:30, Canadian Employment Statistics and U.S. Employment Statistics, along with remarks by Nagel, President of the German Federal Bank; at 23:15, remarks by Barkin, President of the Richmond Federal Reserve Bank; and at 24:15, remarks by Evans, President of the Chicago Federal Reserve Bank.We will be watching closely to see if the momentum behind the euro’s rebound against the U.S. dollar continues.
Author: Keisuke Sakurai
