Investors should be on the lookout for price fluctuations caused by a flurry of statements from key figures during U.S. trading hours.

Investors should be on the lookout for price fluctuations caused by a flurry of statements from key figures during U.S. trading hours.

08.11.2023

In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen despite the fact that the U.S. September trade balance, released yesterday, worsened from a deficit of $58.3 billion in the previous month to a deficit of $61.5 billion. The USD/JPY pair rose from 149.856 to 150.693, rebounding after touching the 200-period EMA on the 4-hour chart.On the daily chart, the upward trend along the 20-day moving average remains intact. Therefore, while keeping an eye on remarks from key officials today, we will monitor the upside potential.

European currencies saw the euro’s upside capped after Germany’s September industrial production figures, released yesterday, showed a year-on-year decline of 3.7%, worsening from the previous month’s 2.0% drop. The EUR/USD pair fell from 1.0721 to 1.0663, briefly dipping below the 75-period moving average on the hourly chart.From a technical perspective, the EUR/USD pair is currently in a pullback phase just below the daily 200-day EMA, so traders should watch to see if it will fall to around 1.0627, near the daily 20-day MA.

Today, at 4:00 PM, Germany’s Consumer Price Index; at 4:30 PM, Hungary’s trade balance; at 4:45 PM, France’strade balance and current account, at 6:30 PM UK BOE Governor Bailey’s remarks, at 7:00 PM Eurozone retail sales, at 8:00 PM Canada’s leading economic index, at 9:00 PM US MBA mortgage applications and Brazil’s retail sales, at 10:30 PM Canada’s housing permits,23:15: U.S. Fed Chair Powell’s remarks, 24:00: U.S. Wholesale Inventories, 27:00: U.S. 10-Year Treasury Auction, 27:40: U.S. NY Fed President Williams’ remarks. We must remain highly vigilant for price fluctuations caused by the overlapping key speeches during U.S. trading hours.