Harker: Attention on the remarks by the President of the Philadelphia Fed
20.01.2023
- Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia
- Remarks by Nagel, President of the German Central Bank
In the previous day’s U.S. currency trading, the Dollar Index traded sideways around 102.1, causing USD/JPY to range between 128 and 129 yen. USD/JPY fell after encountering resistance at the 4-hour 75-MA, but during today’s Asian session, it is attempting to rise after breaking above the 4-hour 20-MA.There are a number of key speeches scheduled for today during U.S. trading hours, and it will be worth watching whether these remarks will cause the U.S. dollar to rise again.
European currencies saw the euro find support yesterday after ECB President Lagarde stated, “Inflation is clearly too high. We will remain committed to our efforts to bring inflation back to 2% as quickly as possible.”The EUR/USD pair rose from 1.0781 to 1.0842. The 200-period simple moving average (SMA) on the hourly chart also provided support. However, as the pair is testing lower levels again during today’s Asian session, we should remain cautious about the euro’s direction during the U.S. session.
Today’s schedule includes UK retail sales and German producer price index at 16:00 CET, remarks by SNB Governor Jordan at 17:00 CET, remarks by German Bundesbank President Nagel at 18:00 CET, and remarks by ECB President Lagarde at 19:00 CET, followed by Canadian retail sales at 22:30 EST,at 11:00 PM, remarks by Harker, President of the Federal Reserve Bank of Philadelphia; at 12:00 AM, U.S. existing home sales; and at 3:00 AM, remarks by Waller, Member of the Federal Reserve Board. While paying close attention to the content of Harker’s remarks, we will be watching the direction of the U.S. dollar.
Author: Keisuke Sakurai
