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Should We Keep an Eye on the Direction of the Pound, Which Is Currently at Its Weakest?

Market Report

Should We Keep an Eye on the Direction of the Pound, Which Is Currently at Its Weakest?

29.09.2021

Today's Highlights
  1. UK Consumer Credit Balances
  2. U.S. MBA Mortgage Applications Index

Yesterday, the three major U.S. stock indices all fell, resulting in a market environment characterized by falling stock prices, rising interest rates, and higher crude oil prices.U.S. Treasury Secretary Yellen stated yesterday regarding concerns over a potential default, “If Congress does not take action by October 18, the Treasury will run out of funds,” causing stock prices to plummet on fears of a default.

As of yesterday, the pound was the weakest currency in the foreign exchange market, and the GBP/JPY pair fell by about 200 pips from 152.56 to 150.59. Similarly, the GBP/USD pair dropped by about 200 pips from 1.371 to 1.352.From a technical perspective, since GBP/USD has clearly broken below both its previous highs and lows on the daily chart, we will be closely monitoring whether it falls to 1.337, which is near the weekly 200-day moving average.

Today, at 3:00 p.m., Germany’s Import Price Index; at 4:00 p.m., Turkey’s Economic Confidence Index; at 5:30 p.m., the U.K.’smortgage approvals and UK consumer credit balances, at 8:00 PM the US MBA Mortgage Applications Index, at 9:30 PM Canadian industrial product prices, at 10:00 PM remarks by Harker, President of the Philadelphia Fed, at 11:00 PM US pending home sales,11:30 PM: U.S. Weekly Crude Oil Inventories; 12:45 AM: UK – Remarks by BOE Governor Bailey; EU – Remarks by ECB President Lagarde; Japan – Remarks by BOJ Governor Kuroda; U.S. – Remarks by Fed Chair Powell; 2:00 AM: U.S. – Daily:Remarks by the President of the Federal Reserve Bank of San Francisco, and at 27:00, remarks by Bostic, President of the Federal Reserve Bank of Atlanta, are scheduled. We will be watching closely to see if the pound, which has been weakening, will rebound in the final week of the month.

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.

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