Market Participants May Be on Alert for 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 the U.S. currency market yesterday, 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 need to carefully assess 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 ECB’s monetary policy meeting that the policy rate had been cut by 0.25% from 3.65% to 3.4%.The euro fell against the U.S. dollar 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 the daily chart has recorded four consecutive trading days of bearish candles.
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, UK Retail Sales at 15:00, and at 17:00, 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: U.S. remarks by Bostic, President of the Atlanta Fed, at 23:00: U.S. remarks by Kashkari,Minneapolis Fed President Kashkari, and at 25:10, remarks by U.S. Federal Reserve Governor Waller are scheduled. Be on the lookout for price fluctuations caused by overlapping remarks from key figures during U.S. trading hours.
Author: Keisuke Sakurai
