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Should investors be on the lookout for price fluctuations caused by remarks from key figures in the U.S.?

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Should investors be on the alert for price fluctuations caused by remarks from key figures in the U.S.?

10.02.2023

Today's Highlights
  1. Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia
  2. University of Michigan Consumer Sentiment Index

In U.S. trading yesterday, the U.S. dollar fell after U.S. 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 continued to decline during today’s Asian trading session, testing lower levels as it approaches yesterday’s low. Since the pair is already trading below the 20-day moving average on the daily chart, traders should remain cautious of further minor declines.

Among European currencies, the euro fell against the pound for the fourth consecutive day.The euro-pound pair fell 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 the euro’s rebound continues and leads to further gains during the European session.

Today, at 16:00: UK Q4 GDP, UK industrial production, UK manufacturing output, Turkey’s unemployment rate, and Turkey’s industrial production; at 22:30: Canada’s employment report; at 23:00: remarks by MPC member Pill;at 24:00, the U.S. University of Michigan Consumer Sentiment Index; at 26:30, remarks by U.S. Federal Reserve Governor Waller; at 28:00, the U.S. budget balance; and at 6:00 the following day, remarks by U.S. Federal Reserve Bank of Philadelphia President Harker.We should remain highly vigilant for price fluctuations caused by remarks from key figures 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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