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Should investors be wary of price fluctuations caused by a flurry of statements from key figures during U.S. trading hours?

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Should investors be wary of price fluctuations caused by a flurry of statements from key figures during U.S. trading hours?

08.11.2023

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. Remarks by U.S. Federal Reserve Chair Powell

In the U.S. currency market yesterday, the U.S. dollar rose against the yen despite the fact that the U.S. September trade balance—released yesterday—worsened to a deficit of $61.5 billion from the previous month’s deficit of $58.3 billion. The USD/JPY pair rose from 149.856 to 150.693.This rebound came after the price touched the 200 EMA on the 4-hour chart. On the higher-time-frame daily chart, the uptrend along the 20 MA remains intact, so we will monitor the upside while keeping an eye on remarks from key officials today.

European currencies saw the euro’s upside capped after Germany’s September industrial production figures, released yesterday, showed a year-over-year decline that worsened from the previous month’s -2.0% to -3.7%. The euro/dollar 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 1.0627, near the daily 20-day MA.

Today, at 16:00, Germany’s Consumer Price Index; at 16:30, Hungary’s trade balance; at 16:45, France’s trade balance and current account balance;at 6:30 p.m., remarks by Bank of England Governor Bailey; at 7:00 p.m., Eurozone retail sales; at 8:00 p.m., Canada’s leading economic index; at 9:00 p.m., U.S. MBA mortgage applications and Brazil’s retail sales; at 10:30 p.m., Canada’s housing permits;11:15 PM: Remarks by Fed Chair Powell; 12:00 AM: U.S. Wholesale Inventories; 3:00 AM: U.S. 10-Year Treasury Auction; 3:40 AM: Remarks by NY Fed President Williams.We should remain highly vigilant for price fluctuations caused by overlapping remarks from key figures during U.S. trading hours.

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 with a particular focus on foreign exchange markets, and also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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