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Should We Pay Close Attention to Currency Strength and Weakness During European Trading Hours?

Market Report

Should We Pay Close Attention to Currency Strength and Weakness During European Trading Hours?

20.08.2024

Today's Highlights
  1. European Consumer Price Index
  2. Sweden—Policy Interest Rate

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after the U.S. July Leading Economic Index, released yesterday, deteriorated to -0.6% from -0.2% the previous month.The USD/JPY pair fell from 148.056 to 145.176, tracking a decline along the -3σ line of the hourly Bollinger Bands. On the 4-hour chart, the pair is seen falling from the 20-period moving average, and on the daily chart, the RSI has dropped to 35.

Among European currencies, the pound fell against the yen. The GBP/JPY pair dropped from 191.613 to 188.249, plummeting from the 20-period moving average on the hourly chart to just below the 200-period simple moving average.On the 4-hour chart, the pair has fallen to the -2σ level of the Bollinger Bands. However, it has shown signs of recovery during today’s Asian session, and with the pound trading firmer, we will be watching for the pound’s ability to rebound during the European session.

Today, at 10:00, China’s prime lending rate and preferential lending rate will be announced; at 10:30, the RBA minutes will be released; at 15:00, Germany’s Producer Price Index will be released; at 16:30, Sweden’s policy rate and the EU’s current account balance will be released;at 5:20 PM, Taiwan’s current account balance; at 6:00 PM, the Eurozone’s Consumer Price Index and Construction Output; at 6:30 PM, remarks by SNB Governor Jordan of Switzerland; at 8:00 PM, the TCMB’s policy rate and statement from Turkey;at 21:30, Canada’s Consumer Price Index; at 26:35, remarks by Bostic, President of the Atlanta Fed; and at 27:45, remarks by Fed Chair Bar. We plan to carefully assess currency strength and weakness during European 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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