Should We Pay Attention to the Results of the U.S. S&P/Case-Shiller Home Price Index?

Should We Pay Attention to the Results of the U.S. S&P/Case-Shiller Home Price Index?

31.01.2023

In U.S. trading hours the previous day, the U.S. dollar emerged as the strongest currency and gained ground against the Oceania currencies, which were the weakest. The AUD/USD pair fell from 0.7115 to 0.7050, reverting to levels seen in the middle of last week.The AUD/USD pair fell just below the 10-day moving average (MA) on the daily chart and has rebounded, with its upside capped by the 200-day exponential moving average (EMA) on the weekly chart. On the 4-hour chart, the RSI is trending downward from 70 and is pointing downward near 41.8, so caution is warranted regarding further declines.

European currencies fell as the euro weakened against the U.S. dollar following yesterday’s release of Germany’s fourth-quarter real GDP, which came in at -0.2%, below market expectations.The EUR/USD pair fell from 1.0911 to 1.0839. On the 4-hour chart, the pair pulled back from its high range and broke below the 20-period moving average (MA). However, on the daily chart, the 10-period MA is acting as support, halting the decline, so it will be worth watching to see if a rebound occurs during today’s U.S. trading hours.

Today, at 4:00 p.m., Turkey’s trade balance, Germany’s retail sales, and Germany’s import price index will be released; at 4:30 p.m., Switzerland’s retail sales; at 4:45 p.m., France’s producer price index; at 5:55 p.m., Germany’s unemployment rate; and at 6:30 p.m., the U.K.’smortgage approvals, at 7:00 p.m. Eurozone Q4 GDP, at 10:30 p.m. Canada GDP,U.S. Q4 Employment Cost Index, U.S. S&P/Case-Shiller Home Price Index at 23:00, U.S. Chicago Purchasing Managers’ Index at 23:45, and U.S. Consumer Confidence Index at 24:00.Be sure to watch for price fluctuations resulting from the release of the U.S. S&P/Case-Shiller Home Price Index, a leading economic indicator.