Market Participants May Be on Guard Against Price Fluctuations Caused by a Flurry of Statements by Key Figures During U.S. Trading Hours
18.10.2024
- Europe: Current Account Balance
- Remarks by Federal Reserve Board Member Waller
In U.S. currency trading the previous day, the U.S. dollar rose against the yen despite the fact that U.S. industrial production for September, released yesterday, fell to -0.3% from 0.8% the previous month.The USD/JPY pair rose from 149.243 to 150.322, moving higher along the 20-period moving average on the hourly chart. However, during today’s Asian trading session, the pair has already fallen back to around half of yesterday’s gains, so we should exercise caution in assessing whether the U.S. dollar will continue to rise during U.S. trading hours.
European currencies weakened against the U.S. dollar yesterday following the announcement from the European Central Bank’s monetary policy meeting that the policy rate had been cut by 0.25 percentage points from 3.65% to 3.4%.The EUR/USD pair fell from 1.0873 to 1.0811, tracking the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 10-period MA is acting as resistance, and on the daily chart, the pair has closed lower for four consecutive trading days.
Today’s schedule includes Japan’s Consumer Price Index at 8:50, Japan’s Foreign and Domestic Securities Investment at 8:50, China’s New Home Sales Prices at 10:30, China’s Real GDP and Industrial Production at 11:00, the UK’s Retail Sales at 15:00, and the Eurozone’scurrent account balance, at 17:30 Hong Kong employment statistics, at 18:00 Eurozone construction output, at 21:30 U.S. housing starts, at 22:30 remarks by Bostic, President of the Atlanta Fed, at 23:00 remarks by Kashkari,Minneapolis Fed President Kashkari, and at 25:10, remarks by U.S. Federal Reserve Governor Waller. Investors should be on the lookout for price volatility caused by the overlapping remarks from key officials during U.S. trading hours.
Author: Keisuke Sakurai
