Investors should keep an eye on the results of the U.S. S&P/Case-Shiller Home Price Index

Investors should keep an eye on the results of the U.S. S&P/Case-Shiller Home Price Index

31.01.2023

In U.S. trading hours yesterday, 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 daily 10-day moving average (MA) and has since rebounded, with its upside capped by the weekly 200-day exponential moving average (EMA). On the 4-hour chart, the RSI is trending downward from 70 and is pointing downward near 41.8, so we should remain cautious of further declines.

European currencies fell as the euro dropped against the U.S. dollar following the release of Germany’s fourth-quarter real GDP data yesterday, 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 PM: Turkey’s trade balance, Germany’s retail sales, and Germany’s import price index; at 4:30 PM: Switzerland’s retail sales; at 4:45 PM: France’s producer price index; at 5:55 PM: Germany’s unemployment rate; at 6:30 PM: UK’smortgage approvals, at 7:00 PM: Eurozone Q4 GDP, at 10:30 PM: Canada GDP and U.S. Q4 Employment Cost Index, at 11:00 PM: U.S. S&P/Case-Shiller Home Price Index, at 11:45 PM: U.S. Chicago PMI, and at 12:00 AM: U.S. Consumer Confidence Index.We should watch for price fluctuations resulting from the release of the U.S. S&P/Case-Shiller Home Price Index, a leading economic indicator.