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Should We Be Wary of Changes in Currency Strength and Weakness Due to Geopolitical Risks?

Market Report

Should We Be Wary of Changes in Currency Strength and Weakness Due to Geopolitical Risks?

20.11.2024

Today's Highlights
  1. UK Consumer Price Index
  2. Remarks by U.S. Federal Reserve Vice Chair Bar

In U.S. currency trading the previous day, the U.S. dollar fluctuated against the yen as the U.S. October housing starts figure, released yesterday, worsened from a 0.5% decline the previous month to a 3.1% decline.The USD/JPY pair traded between 153.280 and 154.794, with price action fluctuating around the 20-period moving average (MA) on the hourly chart. On the daily chart, the pair continues to find support at the 20-period MA, albeit barely, so traders should pay close attention to the direction of the market during U.S. trading hours.

Among European currencies, the euro became the weakest currency during European trading hours following reports of a missile attack by Ukraine on Russia.The euro/yen pair traded between 161.487 and 163.922. Price action straddled the 20-period moving average on the hourly chart. On the daily chart, the candlesticks have extended to the -3σ level of the Bollinger Bands, so we will be watching for a rebound during European trading hours.

Today’s economic indicators include the UK Consumer Price Index, UK Producer Price Index, and UK Retail Price Index at 16:00; the German Producer Price Index at 16:00; the U.S. MBA Mortgage Applications Index at 21:00; and at 22:00, the Eurozoneremarks by ECB President Lagarde, at 24:00 remarks by U.S. Federal Reserve Vice Chair Bar, at 24:30 U.S. weekly crude oil inventories, at 25:00 remarks by U.S. Federal Reserve Governor Cook, and at 27:00 a U.S. 20-year Treasury auction.We should pay close attention to shifts in currency strength and weakness caused by geopolitical risks.

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.

Previous Article

Should We Keep an Eye on the Canadian Dollar’s Upside Potential Following an Increase in Housing Starts in Canada?

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Should We Be Wary of Further Downside Potential in the Euro/Dollar Pair as It Attempts to Hit a New Low Again?
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