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All eyes are on whether the weekend trend of widespread U.S. dollar buying will continue.

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All eyes are on whether the weekend trend of widespread U.S. dollar buying will continue.

27.02.2023

Today's Highlights
  1. U.S. Existing-Home Sales Pending
  2. European Consumer Confidence Index (Final Reading)

Last weekend, the U.S. dollar was bought after strong U.S. January personal income data was released during U.S. trading hours. The EUR/USD pair fell by about 80 pips from 1.0614 to 1.0535, reaching the lower boundary of the downtrend line on the 4-hour chart.On the daily chart, the EUR/USD has fallen just below the 200 EMA, and the daily RSI has not yet reached 30, indicating it still has room to fall. We need to assess whether the pair will extend its decline to around 1.0480, which is the 38.2% Fibonacci retracement level of the most recent rally.

Among European currencies, the pound came under pressure from the strengthening U.S. dollar, causing the GBP/USD pair to decline. GBP/USD fell approximately 110 pips from 1.2041 to 1.1928. The decline was driven by momentum that brought the pair close to this year’s low.The GBP/USD pair is currently trading just below the 200-day simple moving average (SMA). If it breaks below the 200-day SMA, the next major support zone will be around 1.1841, so we will be watching closely to see if a rebound occurs in this area.

Today, at 16:00 European time, Turkey’s trade balance and economic confidence index, as well as Norway’s retail sales figures will be released; at 18:00, remarks by BOE Deputy Governor Brovent will be delivered; at 19:00, the Eurozone’s, and during U.S. trading hours at 22:30, Canada’s fourth-quarter current account balance and U.S. durable goods orders; at 24:00, U.S. pending home sales; and at 24:30, the U.S. Dallas Fed Manufacturing Activity Index and remarks by Federal Reserve Governor Jefferson.We will be watching closely to see if the weekend’s trend of broad-based U.S. dollar buying will continue.

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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