All eyes are on whether the University of Michigan Consumer Sentiment Index will exceed the market forecast of 56.8.
09.12.2022
- University of Michigan Consumer Sentiment Index
- U.S. Wholesale Inventories
In U.S. currency trading yesterday, the U.S. dollar lost momentum toward the end of the U.S. trading session, despite the fact that the number of new U.S. unemployment insurance claims—released yesterday—improved from the previous week to 225,000. The EUR/USD pair rose from 1.0489 to 1.0564.The EUR/USD pair has continued to rise during today’s Asian trading session, climbing to 1.0584. We will be closely monitoring whether the U.S. dollar weakens following today’s release of the University of Michigan Consumer Sentiment Index during U.S. trading hours.
European currencies saw the pound fall against Oceania currencies after the UK’s November RICS House Price Index, released yesterday, deteriorated sharply from the previous reading of -2.0% to -25.0%. The GBP/AUD pair fell from 1.8156 to 1.8043.The decline halted as the price found support at the 200-period EMA on the hourly chart. However, on the higher-time-frame daily chart, this represents a corrective pullback within an overall uptrend, so it will be worth watching to see if the pair rebounds again near the 10-period MA at 1.8014.
Today, at 16:00 European time, Norway’s Consumer Price Index and Producer Price Index will be released, followed by India’sforeign exchange reserves, at 20:30; Canada’s third-quarter capacity utilization rate and the U.S. Producer Price Index at 22:30 during U.S. trading hours; the University of Michigan Consumer Sentiment Index and U.S. wholesale inventories at 24:00; and Russia’s Consumer Price Index at 25:00.We will be watching closely to see if the University of Michigan Consumer Sentiment Index exceeds the market forecast of 56.8.
Author: Keisuke Sakurai
