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All eyes are on whether remarks by key figures in the U.S. will affect the U.S. dollar

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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

20.04.2023

Today's Highlights
  1. Europe: ECB Meeting Minutes Released
  2. U.S. Initial Unemployment Insurance Claims

In the U.S. currency market the previous day, the USD/JPY pair rose slightly after New York Fed President Williams stated, “Inflation remains at levels that are still too high, and it will take time for the Fed’s policy measures to take effect,” suggesting that even if the Fed pauses interest rate hikes, rates are likely to remain at high levels.The USD/JPY pair rose from 133.954 to 135.129, reaching the 135-yen level for the first time in about a month. We will be watching closely to see if the U.S. dollar maintains its strength during today’s U.S. trading hours.

Among European currencies, the pound rose against the yen after the UK’s March Consumer Price Index, released yesterday, showed a slight decline to 10.1% from 10.4% the previous month. The GBP/JPY pair rose from 166.487 to 167.963, moving in line with the 20-period moving average on the hourly chart.The 4-hour chart shows an even stronger trend, with the upward movement clearly following the 10-period moving average. We will be closely monitoring the direction to see if the upward trend continues during European trading hours.

Today, the German Producer Price Index will be released at 15:00, the Eurozone trade balance at 18:00, the ECB meeting minutes at 20:30, the Canadian Housing Price Index, U.S. initial jobless claims, and the U.S. Philadelphia Fed Business Outlook Index at 21:30,at 11:00 PM, U.S. Existing Home Sales; at 11:30 PM, U.S. Weekly Natural Gas Inventories; at 12:30 AM, remarks by BOC Governor McClem of Canada and MPC Member Tenreiro of the UK; at 1:00 AM, remarks by Fed Governor Waller of the U.S.;at 25:20, remarks by U.S. Federal Reserve President Mester of the Cleveland Fed; and at 28:00, remarks by U.S. Federal Reserve Governor Bowman are scheduled. We will be closely monitoring whether these remarks by key figures (in U.S. time) will cause any fluctuations in the U.S. dollar.

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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