All eyes are on whether the release of the ECB meeting minutes will cause any shifts in the euro’s movement
12.10.2023
- Summary of the ECB Governing Council Meeting Released
- Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
In yesterday’s U.S. trading session, the U.S. dollar strengthened as the U.S. September Producer Price Index (PPI), released yesterday, rose to 2.2% year-over-year from 1.6% the previous month. The USD/JPY pair rose from 148.424 to 149.324.Upward price movement is also being observed during today’s Asian trading session. From a technical perspective, USD/JPY is finding support at the 20-day moving average (MA) on the daily chart and is awaiting an opportunity to rebound, so traders should remain cautious ahead of today’s CPI release.
The euro traded in a narrow range against the U.S. dollar after Germany’s Consumer Price Index (CPI), released yesterday, came in at 4.5% year-over-year, matching the previous month’s figure. The EUR/USD pair fluctuated between 1.0580 and 1.0634, with price action consistently hovering around the 20-period moving average on the hourly chart.With the ECB meeting minutes set to be released today, we will be watching to see if they reveal a continued hawkish stance.
Today’s schedule includes UK Industrial Production, UK Trade Balance, and UK Manufacturing Output at 3:00 PM; remarks by MPC member Pill at 6:00 PM; the release of the ECB Governing Council minutes at 8:30 PM; India’s Industrial Production and Consumer Price Index, and Mexico’s Industrial Production at 9:00 PM;at 9:30 PM, US Initial Jobless Claims and the US Consumer Price Index; at 11:00 PM, remarks by Logan, President of the Dallas Fed; at 12:00 AM, US Weekly Crude Oil Inventories; at 2:00 AM, the US 30-Year Treasury Auction and remarks by Bostic, President of the Atlanta Fed; and at 3:00 AM, the US Budget Balance.We will be closely monitoring whether the release of the ECB meeting minutes brings any changes to the euro’s movement.
Author: Keisuke Sakurai
