The flow of the dollar market has stagnated this week. Observing the dollar index chart, the downward trend since November continues. However, this week has seen a lull in price fluctuations. Next week, the US FOMC, the UK Monetary Policy Committee (MPC), the ECB Governing Council and other major central bank policy-making meetings are lined up, and it seems that this week will be a difficult week to move. The US Producer Price Index is scheduled to be released tomorrow, making it the earliest release to know the situation of rice prices in November. Due to the high level of attention, the market is likely to take a wait-and-see approach today.
Among them, the 6th European Systemic Risk Board (ESRB) will be held today. ECB President Lagarde will give a speech at the opening. This was followed by a speech by the Governor of the Bank of Spain, Decos. The theme of this year’s ESRB is “Challenging Financial Stability.” The theme of Mr. Decos’ speech is “Navigating Through the Storm, Policy Challenges in the Current Macroeconomic Environment.” It seems that the position of the current ECB policy is exactly indicated. There are many things to watch out for, such as slowing or protracted inflation, the composition of interest rate hikes, and perceptions of the neutral interest rate level.
The movement of the US dollar is slowing down, and the trend is not continuing. Especially since there are no major indicators today, it is assumed that no major movements can be expected. If there is a move, will it be the EUR based on the remarks from the European dignitaries mentioned above?