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With a limited number of key economic indicators, will currency strength and weakness shift following the release of these indicators?

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With a limited number of key economic indicators, will currency strength and weakness shift following the release of these indicators?

02.06.2023

Today's Highlights
  1. U.S. Employment Report
  2. France: Industrial Production

In the U.S. currency market yesterday, the U.S. dollar fell against the euro after the number of new U.S. unemployment insurance claims, released yesterday, rose to 232,000 from the previous reading of 229,000. The EUR/USD pair rose by about 100 pips, from 1.0661 to 1.0767.It broke above the 200-period SMA on the hourly chart. On the 4-hour chart, the EUR/USD rebounded just below the 75-period MA, thereby avoiding a new low for the year. From a technical perspective, since it rebounded without touching the neckline around 1.0528, it will be worth watching to see if the upward trend continues.

The euro rebounded against the yen after ECB President Lagarde stated that “there is no clear evidence that core inflation has peaked,” effectively dampening expectations of an imminent pause in interest rate hikes.Amid a decline in the USD/JPY pair, the EUR/JPY rose by about 1 yen, from 148.618 to 149.668. During today’s Asian trading session, the pair has maintained an upward trend, supported on the downside by the 20-period moving average (MA) on the hourly chart. We will need to carefully monitor price movements during European trading hours to determine whether the euro’s rebound against the yen will continue.

Today, French industrial production and the French manufacturing production index are scheduled for release at 15:45 during Asian trading hours, followed by Brazilian industrial production at 21:00 during European trading hours and U.S. employment data at 21:30 during U.S. trading hours. There are no scheduled remarks from key officials, so the economic calendar is relatively light.Additionally, New Zealand markets will be closed at the start of the week due to a public holiday. With few major economic indicators on the docket, we will carefully monitor the situation to see if the release of these data points leads to shifts in currency strength or weakness.

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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