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

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

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 U.S. currency trading yesterday, the U.S. dollar temporarily fell 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 potential volatility depending on the content of their remarks.

The euro rose slightly against the yen, despite yesterday’s release of March industrial production data for the eurozone, which showed a year-over-year decline of 1.4%—down from the previous month’s 2.0% increase. The euro/yen pair rose by approximately 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 a resistance level, causing prices to stall. We will closely monitor whether the euro recovers against the yen as we move into the European session.

Today’s economic indicators include the UK unemployment rate at 15:00, Turkish home sales at 16:00, the German ZEW Economic Sentiment Survey and Eurozone Q1 GDP at 18:00,21:15: 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 Bar; at 25:15, remarks by U.S. New York Fed President Williams; at 27:30, remarks by U.S. Chicago Fed President Goolsbee; and at 28:15, remarks by U.S. Dallas Fed President Logan are scheduled.We should remain vigilant to see if volatility increases due to these remarks by key figures 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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