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All eyes are on whether the U.S. dollar will remain strong following the release of economic indicators in U.S. time.

Market Report

All eyes are on whether the U.S. dollar will remain strong following the release of economic indicators in U.S. time.

19.07.2023

Today's Highlights
  1. U.S. Housing Starts
  2. U.S. MBA Mortgage Applications Index

In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen after the U.S. June industrial production figure, released yesterday, came in at -0.5%, worse than the previous month’s -0.2%. The USD/JPY pair fell from 138.921 to 137.667, briefly dipping below the key 138-yen level.However, during today’s Asian trading session, the U.S. dollar has emerged as the strongest currency, and the USD/JPY pair has risen to 139.418. We will be watching closely to see if the dollar’s upward trend continues into the European trading session.

Among European currencies, the euro traded in a tight range against the U.S. dollar ahead of today’s European CPI release. The EUR/USD pair traded without a clear direction between 1.1209 and 1.1274, remaining range-bound for the third consecutive day.From a technical perspective, while the daily RSI for the EUR/USD pair continues to exceed 70—a sign of overbought conditions—the 20-period moving average (MA) on the 4-hour chart is still functioning as support. We will be watching closely to see whether the pair continues to be supported by the 4-hour 20-MA and maintains its trading range near recent highs.

Today, at 3:00 PM, the UK Consumer Price Index, UK Producer Price Index, and UK Retail Price Index will be released; at 5:00 PM, the South African Consumer Price Index; at 6:00 PM, the Eurozone Consumer Price Index; at 8:00 PM, South African retail sales and the U.S. MBA Mortgage Applications Index;at 9:30 PM, U.S. housing starts and building permits; at 11:30 PM, U.S. weekly crude oil inventories; at 1:00 AM, remarks by Ramsden, Deputy Governor of the Bank of England; and at 2:00 AM, a U.S. 20-year Treasury auction.It will be worth watching whether the US dollar remains strong following these economic indicator releases in US time.

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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