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Market Participants May Be on Alert for Price Fluctuations Due to Economic Indicator Releases During European and U.S. Trading Hours

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Market Participants May Be on Alert for Price Fluctuations Due to Economic Indicator Releases During European and U.S. Trading Hours

24.03.2023

Today's Highlights
  1. U.S. Durable Goods Orders
  2. UK Retail Sales

U.S. currencies rose against the euro yesterday after the U.S. fourth-quarter current account balance, released yesterday, showed a narrowing of the deficit compared to the previous reading. The euro/dollar pair fell from 1.0929 to 1.0823. It reversed lower after breaking above the 1.08 level, which had been acting as resistance.From a technical perspective, the EUR/USD pair is showing a bullish reversal on the daily RSI as it approaches 70. On the lower timeframe (4-hour chart), the RSI has exceeded 70 and touched 80.7, so traders should be wary of a pullback on the 4-hour chart.

European currencies saw the euro fall against the yen after the March Eurozone Consumer Confidence Index, released yesterday, came in at -19.2—worse than the market forecast of -18.1. The euro/yen pair fell from 143.187 to 141.172.During today’s Asian trading session, the yen is strengthening, with the pair heading toward further lows. From a technical perspective, the EUR/JPY pair is positioned between the daily 200-period EMA and SMA, and the daily RSI is trending downward around 44. Therefore, traders should remain cautious as to whether the euro will continue to weaken against the yen through the weekend.

Today’s schedule includes UK retail sales at 16:00, French manufacturing and services PMIs at 17:15, German manufacturing and services PMIs at 17:30, and the Eurozonemanufacturing and services PMIs, at 6:15 PM a statement by German Bundesbank President Nagel, at 6:30 PM UK manufacturing and services PMIs, at 9:30 PM Canadian retail sales and U.S. durable goods orders, at 10:30 PM remarks by U.S. Federal Reserve’s Brade:St. Louis Fed President, at 22:45: U.S. Manufacturing/Services PMI, and at 25:00: Remarks by a member of the Bank of England’s Monetary Policy Committee (MPC). We should remain highly vigilant for price fluctuations caused by economic indicator releases during European and 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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