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All eyes are on whether the U.S. dollar will fluctuate in response to the University of Michigan Consumer Sentiment Index

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All eyes are on whether the U.S. dollar will fluctuate in response to the University of Michigan Consumer Sentiment Index

10.11.2023

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. University of Michigan Consumer Sentiment Index

In the U.S. currency market the previous day, the U.S. dollar became the strongest currency during U.S. trading hours after Federal Reserve Chair Powell stated, “We will not hesitate to tighten further if necessary” and “While the labor market remains tight, the balance is improving.”The EUR/USD pair fell from 1.0725 to 1.10660. The decline halted upon touching the 200-period EMA on the hourly chart. We will be watching closely to see if the U.S. dollar maintains its strength during today’s U.S. trading hours, while also monitoring economic data releases.

European currencies saw the pound fall against the yen yesterday, despite comments from UK MPC member Pill that “monetary policy tightening must be maintained to bring inflation down.” The GBP/JPY pair fell from 185.871 to 184.817.It broke below the 20-period moving average (MA) on the 4-hour chart. However, on the higher-time-frame daily chart, GBP/JPY remains above the 10-period MA, so traders should pay close attention to any volatility caused by the release of UK economic indicators during today’s Asian trading session.

Today, at 16:00: UK GDP, UK industrial production, UK trade balance,Norway’s Consumer Price Index, Turkey’s employment statistics, and Turkey’s industrial production at 4:00 PM; Hungary’s Consumer Price Index at 4:30 PM; the Czech Republic’s Consumer Price Index at 5:00 PM; Hong Kong’s GDP at 5:30 PM; Mexico’s industrial production and India’sIndustrial Production; at 21:30, remarks by ECB President Lagarde and remarks by Logan, President of the Dallas Fed; at 23:00, remarks by Bostic, President of the Atlanta Fed; and at 24:00, the University of Michigan Consumer Sentiment Index.We’ll be watching to see if the U.S. dollar reacts to the University of Michigan Consumer Sentiment Index and what direction it takes.

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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