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With the Japanese market set to close, investors may be watching currency strength and weakness in U.S. trading hours

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With the Japanese market set to close, investors may be watching currency strength and weakness in U.S. trading hours

20.03.2023

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. Europe: Trade Balance

Last weekend, the U.S. dollar weakened as reports spread that Credit Suisse, a major Swiss financial institution, might face bankruptcy, causing the Dollar Index to decline. The USD/JPY pair fell by about 2 yen, from 133.745 to 131.554.The USD/JPY pair is facing resistance at the 75-period moving average (MA) on the hourly chart, and the downtrend that began on March 8 continues. Since the pair has already broken well below the 20-period MA on the daily chart, traders should remain cautious about a continued decline.

European currencies fell against the yen as the Eurozone Consumer Price Index (CPI), released on the 17th, came in at 8.5% year-over-year, below market expectations.The euro/yen pair fell from 142.203 to 140.168. The decline was driven by resistance at the 75-period moving average on the hourly chart. However, unlike the USD/JPY pair, the euro/yen has not made new lows, so we will be watching closely to see if a rebound occurs at the FOMC meeting the day after tomorrow.

Today, at 16:00 European time, Germany’s Producer Price Index will be released; at 18:00, Poland’s Industrial Production; at 19:00, the Eurozone’strade balance at 19:00, Mexico’s retail sales at 21:00, ECB President Lagarde’s remarks at 23:00 (U.S. time), the U.S. 6-month bill auction at 24:30, and New Zealand’s trade balance at 6:45 the following day.Since the Japanese market will be closed tomorrow for a holiday, we will closely monitor currency strength and weakness 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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All eyes are on whether the U.S. dollar can rebound on the day before the FOMC meeting
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