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Should We Pay Close Attention to President Lagarde’s Remarks at the ECB?

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Should We Pay Close Attention to President Lagarde’s Remarks at the ECB?

16.03.2023

Today's Highlights
  1. Press Conference by ECB President Lagarde
  2. Philadelphia Fed Business Conditions Index

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after the U.S. February Producer Price Index (PPI), released yesterday, came in at 4.6% year-over-year—below the market forecast of 5.4%.The USD/JPY pair fell by approximately 300 pips from 135.108 to 132.216 and broke below the 200-period simple moving average (SMA) on the 4-hour chart. Since a head-and-shoulders pattern is currently forming on the weekly chart for USD/JPY, a break below 130 yen should be considered a possibility if the pair continues to decline.

Ahead of today’s ECB policy rate announcement, the euro fell sharply against the U.S. dollar. The EUR/USD pair dropped approximately 240 pips from 1.0759 to 1.0516. The decline halted as the price found support just below the 200-day EMA on the daily chart.It is currently trading between the 23.6% and 38.2% Fibonacci retracement levels on the daily chart, making the direction of the trend difficult to gauge. We will be watching closely to see if today’s ECB meeting triggers a major shift in the market.

Today, the Turkish Housing Price Index will be released at 20:30 European time, followed by U.S. Initial Jobless Claims, Housing Starts, Building Permits, and the Philadelphia Fed Business Outlook Index at 21:30 U.S. time,U.S. Import Price Index; at 22:15, the ECB will announce its policy rate and statement; at 22:45, ECB President Lagarde will hold a press conference; and at 23:30, U.S. weekly natural gas inventories are scheduled to be released. We should pay close attention to ECB President Lagarde’s remarks.

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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