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Should We Pay Attention to Changes in Currency Strength Based on Fed Chair Powell’s Remarks?

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Should We Pay Attention to Changes in Currency Strength Based on Fed Chair Powell’s Remarks?

25.08.2023

Today's Highlights
  1. Germany's Second-Quarter GDP
  2. University of Michigan Consumer Sentiment Index

In U.S. currency trading the previous day, the U.S. dollar emerged as the strongest currency during U.S. trading hours after U.S. initial jobless claims fell to 230,000 from 239,000 the previous week, coming in below the market forecast of 241,000.The euro fell against the dollar from 1.0876 to 1.0814. However, on the daily chart, the pair is hovering just below the 200-day SMA, which could provide support, so we will be watching for comments from key officials during U.S. trading hours.

Among European currencies, the pound fell against the yen, in contrast to the FTSE, which was one of the stronger performers among European stocks. The GBP/JPY pair fell slightly from 184.771 to 183.965, with trading lacking a clear direction.Furthermore, price movements diverged among the yen crosses yesterday; while the USD/EUR pair rose, the GBP/JPY pair fell. Therefore, traders should remain cautious regarding the pound’s price movements during European trading hours.

Today, Germany’s second-quarter GDP will be released at 15:00, Turkey’s capacity utilization rate at 16:00, Germany’s IFO Business Climate Index at 17:00, Brazil’s Consumer Price Index and Mexico’s second-quarter GDP at 21:00,at 11:00 PM, the U.S. University of Michigan Consumer Sentiment Index and Mexico’s current account balance; at 11:05 PM, remarks by Fed Chair Powell; and at midnight, Canada’s fiscal balance and remarks by Harker, President of the Federal Reserve Bank of Philadelphia.We should remain highly vigilant for any shifts in currency strength or weakness depending on the content of Fed Chair Powell’s remarks.

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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