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All eyes are on whether the U.S. dollar will weaken following the Beige Book release

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All eyes are on whether the U.S. dollar will weaken following the Beige Book release

19.04.2023

Today's Highlights
  1. European Consumer Price Index
  2. U.S. Federal Reserve District Economic Reports (Beige Book)

In the U.S. currency market yesterday, the U.S. dollar became the weakest currency after the March U.S. housing starts data—released yesterday—showed that both “housing starts” and “building permits” came in below the previous month’s figures. The USD/JPY pair fell to a range of 134.705–133.863.The decline halted just short of the 75-period moving average (MA) on the hourly chart. However, on the higher-time-frame 4-hour chart, USD/JPY has firmly broken above the 200-period simple moving average (SMA), and since the upward trend on the daily chart remains intact, traders should pay close attention to economic data releases during U.S. trading hours.

Among European currencies, the euro traded in a tight range against the yen ahead of today’s consumer price index release. The euro/yen pair fluctuated between 146.731 and 147.388, and is showing an upward bias during today’s Asian trading session.The euro/yen pair significantly surpassed this year’s high following last week’s rally and has returned to a trend of yen weakness. We will be closely monitoring whether the euro strengthens against the yen following the CPI release.

Today, at 15:00: UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index; at 16:00: Turkey Consumer Confidence Index and remarks by SNB Board Member Mekler of Switzerland; at 17:00: Eurozone Current Account;at 6:00 PM, the Eurozone Construction Output and Consumer Price Index; at 8:00 PM, the U.S. MBA Mortgage Applications Index; at 9:15 PM, Canadian Housing Starts; at 9:30 PM, Canadian Industrial Product Prices; at 11:30 PM, U.S. Weekly Crude Oil Inventories;and at 27:00, the U.S. Federal Reserve’s Beige Book is scheduled for release. I want to carefully assess the direction of the market to see if the Beige Book will cause the U.S. dollar to weaken.

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 remarks by key figures in the U.S. will cause fluctuations in the U.S. dollar
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