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Bostic: Should We Watch for Price Movements Following Remarks by the Atlanta Fed President?

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Bostic: Should We Watch for Price Movements Following Remarks by the Atlanta Fed President?

05.01.2023

Today's Highlights
  1. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
  2. UK Services PMI

In the previous day’s U.S. currency trading, the dollar weakened against the euro as the Dollar Index fell to 104.2. The EUR/USD pair rebounded by approximately 935 pips, rising from 1.0540 to 1.0633.The pair rose from the support level provided by the 200-period SMA on the 4-hour chart. However, since yesterday’s rebound brought the pair back into range-bound territory, we should exercise caution in assessing the overall trend until the upward movement continues and the pair breaks above the recent high of 1.0680.

European currencies saw lackluster trading, as the services PMI figures released yesterday for France, Germany, and the eurozone—while exceeding market expectations—failed to reach the benchmark of 50.GBP/USD entered a stalemate, rising from 1.1956 before consolidating around 1.2054.GBP/USD continues to lack direction during today’s Asian trading session and is trading with support at the 20-period moving average on the 4-hour chart; therefore, we will be closely monitoring price action during the U.S. trading session.

Today’s schedule includes Germany’s trade balance at 16:00, the UK’s services PMI at 18:30, the Eurozone’s producer price index at 19:00, the U.S. Challenger layoff forecast at 21:30, remarks by U.S. Federal Reserve Bank of Philadelphia President Harker:remarks by the President of the Federal Reserve Bank of Philadelphia; at 10:15 p.m., the U.S. ADP National Employment Report; at 10:30 p.m., Canada’s trade balance, U.S. initial jobless claims, and U.S. trade balance; at 11:20 p.m., remarks by U.S. Federal Reserve Bank of Atlanta President Bostic:President of the Atlanta Fed, at 23:45: U.S. Services PMI, at 24:30: U.S. Weekly Natural Gas Inventories, at 25:00: U.S. Weekly Crude Oil Inventories, and at 27:20: U.S. Brade: President of the St. Louis Fed.We will monitor currency strength and weakness while paying close attention to remarks by key officials during U.S. trading hours.

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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