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All Eyes on Whether the Release of the ECB Meeting Minutes Will Cause a Shift in the Euro’s Movement

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All Eyes on Whether the Release of the ECB Meeting Minutes Will Cause a Shift in the Euro’s Movement

12.10.2023

Today's Highlights
  1. Minutes of the ECB Governing Council Meeting Released
  2. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank

In U.S. currency trading yesterday, the U.S. dollar strengthened during U.S. trading hours after the U.S. September Producer Price Index (PPI), released yesterday, showed a year-over-year increase of 2.2%, up 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; therefore, traders should remain cautious ahead of today’s CPI release.

European currencies saw the euro trade 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 euro/dollar pair traded between 1.0580 and 1.0634, with price action consistently straddling the 20-period moving average on the hourly chart. With the ECB Governing Council minutes set to be released today, we will be watching closely to see if they reveal a continued hawkish stance.

Today’s schedule includes UK Industrial Production, UK Trade Balance, and UK Manufacturing Output at 15:00; remarks by MPC member Pill at 18:00; the release of the ECB Governing Council meeting minutes at 20:30; and India’sIndustrial Production and Consumer Price Index, and Mexico’s Industrial Production; at 21:30, U.S. Initial Jobless Claims and the U.S. Consumer Price Index; at 23:00, U.S. Logan:President of the Dallas Fed, at 24:00: U.S. weekly crude oil inventories, at 26:00: U.S. 30-year Treasury auction, remarks by Bostic, President of the Atlanta Fed, and at 27:00: U.S. budget balance.We will be watching closely to see if the release of the ECB meeting minutes brings any changes to the euro’s movement.

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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