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All eyes are on whether the momentum of the rebounding euro-dollar pair will continue

Market Report

All eyes are on whether the momentum of the rebounding euro-dollar pair will continue

02.12.2022

Today's Highlights
  1. Evans (U.S.): Remarks by the President of the Chicago Fed
  2. 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, causing the EUR/USD pair to rise 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 GBP/JPY 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 fiscal 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 10:30 p.m., Canadian Employment Statistics and U.S. Employment Statistics, along with remarks by Nagel, President of the German Federal Bank; at 11:15 p.m., remarks by Barkin, President of the Richmond Federal Reserve; and at 12:15 a.m., remarks by Evans, President of the Chicago Federal Reserve.We will be watching closely to see if the momentum behind the euro’s rebound against the U.S. dollar continues.

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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