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Will Market Participants Cautiously Monitor Price Movements at the Start of FOMC Week?

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Will Market Participants Cautiously Monitor Price Movements at the Start of FOMC Week?

24.07.2023

Today's Highlights
  1. Chicago Fed National Activity Index
  2. UK Manufacturing/Services PMI

Last weekend, the U.S. dollar stood out for its strength during U.S. trading hours, rising slightly against the euro. The EUR/USD pair fell from 1.1144 to 1.1107. The 20-period moving average (MA) on the hourly chart is acting as resistance, weighing on the upside.As the pair continues to trade below the 20-period moving average during today’s Asian session as well, traders should remain vigilant regarding the U.S. dollar’s price movements during U.S. trading hours.

Among European currencies, the pound rose against the yen following the release of the UK’s June retail sales figures, which showed the decline narrowing from the previous reading of -2.1% to -1.0%. The GBP/JPY pair rose by approximately 2.6 yen, from 179.916 to 182.524.Although the pair had been trading below the 4-hour 20-MA, last weekend’s rally pushed it back above that level. Since GBP/JPY is now trading above the daily 20-MA as well, we will be watching closely to see if the pound’s momentum from the start of the week continues.

Today, during European trading hours, the French Manufacturing/Services PMI will be released at 16:15, the German Manufacturing/Services PMI at 16:30, the Eurozone Manufacturing/Services PMI at 17:00, and the UKmanufacturing and services PMIs at 17:30, Mexico’s Consumer Price Index at 21:00, the U.S. Chicago Fed National Activity Index at 21:30 during U.S. trading hours, U.S. manufacturing and services PMIs at 22:45, and a U.S. 2-year Treasury auction at 26:00.Since this week features a series of major events—including the FOMC, ECB, and BOJ meetings—we plan to carefully monitor price movements at the start of the week.

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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