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U.S. Harker: Attention on Remarks by the President of the Philadelphia Fed

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U.S. Harker: Attention on Remarks by the President of the Philadelphia Fed

20.01.2023

Today's Highlights
  1. Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia
  2. Remarks by Nagel, President of the German Central Bank

In the U.S. currency market yesterday, the Dollar Index traded sideways around 102.1, causing the USD/JPY pair to trade within a range of 128–129 yen.USD/JPY fell after encountering resistance at the 75-period moving average (MA) on the 4-hour chart, but during today’s Asian session, it is attempting to rise after breaking above the 20-period MA on the 4-hour chart. With a number of key speeches scheduled during U.S. trading hours today, 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, by any measure, too high. We will remain committed to our efforts to bring inflation back to 2% as quickly as possible.”The euro rose against the U.S. dollar from 1.0781 to 1.0842. The 200-period simple moving average (SMA) on the hourly chart also provided support at lower levels. However, as the pair is testing those lows again during today’s Asian trading session, traders should remain cautious about the euro’s direction during U.S. trading hours.

Today, at 16:00 European time, UK retail sales,German Producer Price Index at 16:00 during European trading hours; remarks by SNB Governor Jordan at 17:00; remarks by German Bundesbank President Nagel at 18:00; and remarks by ECB President Lagarde at 19:00. During U.S. trading hours, Canadian retail sales will be released at 22:30,at 23:00, remarks by Harker, President of the Federal Reserve Bank of Philadelphia; at 24:00, U.S. existing home sales; and at 27:00, remarks by Waller, Member of the Federal Reserve Board.I’ll be keeping an eye on the direction of the U.S. dollar while paying close attention to the remarks by U.S. Federal Reserve Bank of Philadelphia President Harker.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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