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Caution Advised as U.S. Dollar Fluctuates Wildly Due to Misinformation About a Major Explosion at the Pentagon

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Caution Advised as U.S. Dollar Fluctuates Wildly Due to Misinformation About a Major Explosion at the Pentagon

23.05.2023

Today's Highlights
  1. Europe and the U.S. – PMI (Preliminary Figures)
  2. Prices of Agricultural and Industrial Products

In the U.S. currency market the previous day, the U.S. dollar plummeted against the yen following reports of a massive explosion near the U.S. Department of Defense (the Pentagon). The USD/JPY pair fell sharply by just under 70 pips, from 138.664 to 137.994.However, once it became clear that the explosion was a false report, USD/JPY instantly rebounded, recovering to 138.664. With USD/JPY having posted two consecutive bullish candles on the weekly chart and the weekly RSI continuing to indicate a reversal, traders should watch for a rebound following this corrective decline.

European currencies saw the euro trade in a tight range against the U.S. dollar after the May Eurozone Consumer Confidence Index, released yesterday, came in at -17.4, up slightly from the previous month’s -17.5. The euro/dollar pair fluctuated between 1.0795 and 1.0831.From a technical perspective, the EUR/USD pair is in a downtrend, facing resistance at the 20-period moving average (MA) on the 4-hour chart. However, on the weekly chart, the pair is positioned just below the 20-period MA, so traders should remain highly vigilant regarding the potential downside if the pair breaks below the weekly 20-period MA.

Today’s schedule includes the French Manufacturing/Services PMI at 16:15, the German Manufacturing/Services PMI at 16:30, the Eurozone Manufacturing/Services PMI at 17:00, and the UKManufacturing/Services PMI at 17:30, remarks by BOE Governor Bailey at 18:15, Canadian Industrial Product Prices at 21:30, remarks by Logan, President of the Dallas Fed, at 22:00, U.S. Manufacturing/Services PMI at 22:45,11:00 PM: U.S. New Home Sales and U.S. Richmond Fed Manufacturing Index; 2:00 AM: U.S. 2-Year Treasury Auction; and 2:50 AM: Remarks by German Bundesbank President Nagel.Be on the lookout for volatility in the U.S. dollar, which has been fluctuating sharply due to misinformation regarding a massive explosion at the Pentagon.

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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