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Market Participants to Keep a Close Eye on the Euro’s Movements Following Its Decline on the Back of Germany’s PPI, Which Showed Its Lowest Growth Since January 2021

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Market Participants to Keep a Close Eye on the Euro’s Movements Following Its Decline on the Back of Germany’s PPI, Which Showed Its Lowest Growth Since January 2021

21.06.2023

Today's Highlights
  1. UK Consumer Price Index
  2. Testimony Before Congress by Federal Reserve Board Member Cook

In the U.S. currency market yesterday, the U.S. dollar rose against the euro after data released yesterday showed that U.S. housing permits for May increased to 1.49 million from 1.41 million the previous month.The EUR/USD pair fell by just over 50 pips from 1.0946 to 1.0892. It briefly dipped below the 20-period moving average on the 4-hour chart. The EUR/USD is forming an ascending wedge on the daily chart, with both the upper and lower boundaries narrowing; therefore, we should remain vigilant as to whether price volatility will increase during U.S. trading hours.

European currencies fell against the yen as Germany’s May Producer Price Index (PPI), released yesterday, showed a sharp year-over-year decline from the previous reading of 4.1% to 1.0%. The euro/yen pair dropped by approximately 130 pips from 155.379 to 154.040.It broke below the 75-period moving average (MA) on the hourly chart. On the higher-timeframe 4-hour chart, the EUR/JPY pair found support at the 20-period MA, halting its decline. Since it avoided touching the 23.6% Fibonacci retracement level based on the recent low, it will be worth watching to see if the euro recovers during European trading hours.

Today, at 15:00: UK Consumer Price Index, UK Producer Price Index, and UK Retail Price Index; at 16:00: Turkey Capacity Utilization Rate; at 17:00: South Africa Consumer Price Index; at 17:30: Hong Kong Current Account;at 8:00 PM, the U.S. MBA Mortgage Applications Index; at 9:30 PM, Canadian Retail Sales; at 10:45 PM, remarks by German Bundesbank Presidentremarks by German Bundesbank President Nagel; at 23:00, U.S. Federal Reserve Chair Powell’s congressional testimony, U.S. Federal Reserve Governor Cook’s congressional testimony, and U.S. Federal Reserve Governor Jefferson’s congressional testimony; and at 26:00, a U.S. 20-year Treasury bond auction is scheduled.We will closely monitor the euro’s movements following its decline on the back of Germany’s PPI, which posted its lowest growth rate since January 2021.

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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Market Participants to Keep a Close Eye on the Euro’s Movements Following Its Decline on the Back of Germany’s PPI, Which Showed Its Lowest Growth Since January 2021
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