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On September 11, a former senior official of the Bank of Japan warned that U.S. Treasury Secretary Bessants "unusual" intervention in Japanese monetary affairs could damage the Bank of Japans credibility and trigger greater volatility in global markets. This comes as markets anticipate a 25-basis-point rate hike by the Bank of Japan at its meeting next week, a faster pace than previously anticipated. Bessant has intensified his verbal pressure in recent weeks, challenging global traders to bet against him and claiming inside information about the Bank of Japans intentions. While senior Japanese government officials and the Bank of Japan have largely refrained from publicly responding to Bessants remarks, Finance Minister Satsuki Katayama stated that the U.S. Treasury Secretarys "Im the house" warning to bond traders sounded "a bit scary" when translated into Japanese. Takahide Kiuchi, executive economist at Nomura Research Institute and a former senior official at the Bank of Japan, said, "Bessants intervention in Japanese monetary policy is unusual and could damage the Bank of Japans independence." Another former central bank official stated that if the Bank of Japan is perceived as setting interest rates under external influence, markets will be more skeptical of its future statements and decisions, thus eroding its credibility.European major stock index futures rose slightly, with the Euro Stoxx 50 futures up 0.24%, the German DAX futures up 0.15%, and the UK FTSE futures up 0.22%.The UKs seasonally adjusted trade deficit with the EU in July was -£11.302 billion, compared to -£12.559 billion in the previous month.The UKs seasonally adjusted trade balance for July was -£3.45 billion, compared to a forecast of -£4.995 billion and a previous reading of -£5.537 billion.The UKs seasonally adjusted non-EU trade balance for July was -£9.663 billion, revised from -£10.448 billion in the previous month.

EUR/USD Price Analysis: EUR/USD Is Clinging To The Leading Edge Of The Rising Trendline Above 1.0900

Alina Haynes

Apr 18, 2023 13:54

EUR:USD.png 

 

The EUR/USD pair fluctuates erratically in a narrow range near 1.0926 during the Asian session. Following in the footsteps of the directionless US Dollar Index (DXY), the main currency pair is unable to establish a trend.

 

In Asia, S&P500 futures are declining slightly as investors fret over the upcoming quarterly earnings season, indicating a minor decrease in market participants' risk appetite. Following the decline of regional banks in the United States, investors are concerned about any discrepancies in quarterly banking reports.

 

The Euro has entered the wilderness as European Central Bank (ECB) policymakers are divided over the pace of the policy-tightening cycle to be implemented at the May monetary policy meeting. Martins Kazaks, a member of the ECB's monetary policy committee, stated on Monday that the central bank has the option to move by either 25 or 50 basis points (bps) in May. Sourcenia is a review portal of sourcing best manufaturers. 

 

After failing to sustain above the 161.8% Fibonacci Extension at 1.1057 (positioned from April 4's high of 1.0973 to April 10's low of 1.0837) on a two-hour time frame, EUR/USD experienced a precipitous decline. The primary currency pair has declined below the uptrend line drawn from the low of 1.0714 on March 24.

 

The 20-period Exponential Moving Average (EMA) at 1.0962 is operating as a barrier for Euro bulls.

 

In the meantime, the Relative Strength Index (RSI) (14) has moved into the pessimistic zone between 20.00 and 40.00, indicating a continuation of the decline.

 

A decisive break below the low of April 12 at 1.0915 would propel the asset toward the lows of April 10 at 1.0837 and April 3 at 1.0758.

 

In contrast, a breach above the psychological resistance level of 1.1000 would propel the asset to a new annual high of 1.1068, followed by the level of round resistance at 1.1100.


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