All eyes are on whether remarks by key figures will cause a shift in the euro’s trajectory
20.09.2024
- UK GfK Consumer Confidence Survey
- Prices of Agricultural and Mining Products
In the U.S. currency market yesterday, the U.S. dollar rose slightly against the yen after the U.S. August Leading Economic Index, released yesterday, improved to -0.2% from -0.6% the previous month. The USD/JPY pair rose from 141.893 to 143.942, reaching the +3σ level of the hourly Bollinger Bands. A similar price movement was observed on the 4-hour chart, and on the daily chart, the price has recovered to just below the 20-day moving average.
Among European currencies, the euro rose against the U.S. dollar ahead of remarks by ECB President Lagarde. The euro/dollar pair rose from 1.1068 to 1.1178. The 200-period simple moving average (SMA) on the hourly chart provided support, causing the price to rebound. On the 4-hour chart, the price has risen from the -2σ to the +2σ Bollinger Bands, and on the daily chart, it is rising with momentum that is approaching this month’s high.
Today’s schedule includes the UK GfK Consumer Confidence Survey at 8:01, Japan’s Consumer Price Index at 8:30, Japan’s Foreign and Domestic Securities Investment at 8:50, China’s Prime Lending Rate at 10:00, UK Retail Sales and Germany’s Producer Price Index at 15:00, and France’sBusiness Sentiment, at 16:00 the Turkish Consumer Confidence Index, at 21:15 remarks by BOC Governor Maclean, at 21:30 Canadian Retail Sales and Mining Product Prices, at 23:00 the Eurozone Consumer Confidence Index, and at 24:00 remarks by ECB President Lagarde.We will closely monitor whether these key speeches lead to any changes in the euro’s trajectory.
Author: Keisuke Sakurai
