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Should we be on the lookout for the series of economic indicators to be released in U.S. time?

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Should we be on the lookout for the series of economic indicators to be released in U.S. time?

24.01.2023

Today's Highlights
  1. UK Manufacturing/Services PMI
  2. Richmond Fed Manufacturing Index

In the previous day’s U.S. currency trading, the dollar index recovered to 102.2, limiting the downside for the U.S. dollar and causing the market to trade firmer; as a result, GBP/USD fell by approximately 120 pips from 1.2447 to 1.2322.GBP/USD had been rising along the 10-day moving average (MA) since the 6th of this month, but its upside was capped as it reached its recent high. On the weekly chart, the 75-day MA is beginning to act as resistance, so we will be watching closely to see if the pullback continues.

Among European currencies, the euro, like the pound, weakened against the U.S. dollar. The euro/dollar pair fell by about 80 pips from 1.0926 to 1.0845.Although the EUR/USD pair has not yet fallen below the 20-period moving average on the 4-hour chart, the daily RSI is just below 70 and showing signs of divergence; therefore, traders should remain cautious of price fluctuations triggered by economic data releases during U.S. trading hours.

Today, the German GfK Consumer Confidence Index will be released at 16:00, the French Manufacturing/Services PMI at 17:15, and the GermanManufacturing/Services PMI at 5:30 p.m., the Eurozone Manufacturing/Services PMI at 6:00 p.m., the UK Manufacturing/Services PMI at 6:30 p.m., remarks by ECB President Lagarde at 6:45 p.m., the U.S. Manufacturing/Services PMI at 11:45 p.m.,at 24:00, U.S. Richmond Fed Manufacturing Index; at 25:30, remarks by Swiss National Bank (SNB) Vice Chairman Schlegel; and at 27:00, a U.S. 2-year Treasury auction. We will monitor currency strength and weakness while paying close attention to the succession of economic indicators scheduled for release 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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