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

Market Report

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.

In contrast to the FTSE, which was among the strongest performers in European equities, the pound fell against the yen. The GBP/JPY pair edged down 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 vigilant regarding the pound’s price movements during European trading hours.

Today, Germany’s second-quarter GDP will be released at 3:00 p.m., Turkey’s capacity utilization rate at 4:00 p.m., Germany’s IFO Business Climate Index at 5:00 p.m., Brazil’s Consumer Price Index and Mexico’s second-quarter GDP at 9:00 p.m.,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 resulting from 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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Concerns Over Further Declines in the U.S. Dollar as It Falls Alongside Declining U.S. Treasury Yields

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Market Participants to Watch for Early-Week Direction in the Euro/Dollar Pair, Which Is Facing Resistance
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