Investors should be on the lookout for price fluctuations caused by remarks from key figures in the U.S.
10.02.2023
- Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia
- University of Michigan Consumer Sentiment Index
In the previous day’s U.S. currency trading, the U.S. dollar fell during U.S. trading hours after initial jobless claims rose more than market expectations.The EUR/USD pair rose by about 80 pips from 1.0706 to 1.0790. However, the euro’s upward momentum did not hold, and it fell toward the end of the U.S. trading session. The EUR/USD pair has also been falling during today’s Asian session, testing lower levels with momentum approaching yesterday’s low. Since it is already trading below the 20-day moving average on the daily chart, we should be cautious of a slight decline.
In European currency trading, the euro fell against the pound for the fourth consecutive day. The EUR/GBP pair dropped by just under 50 pips, from 0.8883 to 0.8839. It broke below the 200-period simple moving average (SMA) on the hourly chart. However, the 200-period SMA on the 4-hour chart is acting as support, and the pair has rebounded during today’s Asian session. It will be worth watching whether this rebound continues into the European session and leads to further gains.
Today, at 4:00 PM, UK Q4 GDP, UK Industrial Production, UK Manufacturing Output, Turkey Unemployment Rate, and Turkey Industrial Production will be released; at 10:30 PM, Canadian Employment Statistics;at 11:00 PM, remarks by MPC member Pill; at 12:00 AM, the University of Michigan Consumer Sentiment Index; at 2:30 AM, remarks by Fed Governor Waller; at 4:00 AM, the U.S. budget balance; and at 6:00 AM the following day, remarks by Harker, President of the Federal Reserve Bank of Philadelphia. We must remain highly vigilant for price fluctuations caused by remarks from key figures during U.S. trading hours.
Author: Keisuke Sakurai
