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Should we be on guard for increased volatility following remarks by key figures in the U.S.?

Market Report

Should we be on guard for increased volatility following remarks by key figures in the U.S.?

16.05.2023

Today's Highlights
  1. Goolsbee (U.S.): Remarks by the President of the Chicago Fed
  2. Germany's ZEW Economic Sentiment Survey

In the U.S. currency market yesterday, the U.S. dollar temporarily weakened against the yen after the May New York Fed Manufacturing Index, released yesterday, came in at -31.8—significantly below the market forecast of -3.8. The USD/JPY pair fell from 136.319 to 135.700.Although the pair subsequently fluctuated back and forth, it has not set new highs or lows during today’s Asian trading session and is currently stagnating just below the 20-period moving average on the hourly chart. With numerous speeches by key officials scheduled for today, we should remain vigilant for any potential increase in volatility depending on the content of those remarks.

The euro rose slightly against the yen, despite yesterday’s release showing that Eurozone industrial production for March fell to -1.4% year-over-year, down from 2.0% the previous month. The euro/yen pair rose by about 90 pips, from 147.197 to 148.178.During today’s Asian trading session, the 200-period SMA on the hourly chart has acted as an upper resistance level, causing prices to stall. We will be closely monitoring whether the euro recovers against the yen as European trading begins.

Today’s economic indicators include the UK unemployment rate at 3:00 p.m., Turkish home sales at 4:00 p.m., the German ZEW Economic Sentiment Survey and Eurozone Q1 GDP at 6:00 p.m.,21:15: U.S. remarks by Mester, President of the Cleveland Fed; 21:30: Canada’s Consumer Price Index and U.S. Retail Sales; 22:15: U.S. Industrial Production and Capacity Utilization; 23:00: remarks by Lagarde, President of the ECB;remarks by U.S. Federal Reserve Vice Chair Barr; at 25:15, remarks by U.S. Federal Reserve Bank of New York President Williams; at 27:30, remarks by U.S. Federal Reserve Bank of Chicago President Goolsbee; and at 28:15, remarks by U.S. Federal Reserve Bank of Dallas President Logan.We should remain vigilant to see if volatility increases due to these remarks by key officials 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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