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

Market Report

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-timeframe 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 to -3.7% from the previous month’s -2.0%. 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 4:00 p.m., Germany’s Consumer Price Index will be released; at 4:30 p.m., Hungary’s trade balance; at 4:45 p.m., France’s trade balance and current account balance;at 6:30 PM, remarks by Bank of England Governor Bailey; at 7:00 PM, Eurozone retail sales; at 8:00 PM, Canada’s leading economic index; at 9:00 PM, the U.S. MBA mortgage applications index and Brazil’s retail sales; at 10:30 PM, 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 Williams, President of the New York Fed.We should remain highly vigilant for price fluctuations caused by the overlapping remarks from key officials 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 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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