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Will the Pound's Rebound Continue?

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Will the Pound's Rebound Continue?

19.10.2021

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. Major U.S. Companies, Including Bank of New York Mellon, P&G, and J&J, Report Earnings

Yesterday, in the U.S. market, two of the three major stock indices rose, resulting in a market environment characterized by higher stock prices, flat interest rates, and a stronger U.S. dollar.WTI crude oil fell from an intraday high of $83.10 and has since settled around $81.70. Concerned about soaring crude oil prices, the Japanese government agreed yesterday to urge OPEC+ to increase production at its meeting scheduled for early next month.

In the foreign exchange market, the GBP/USD pair continues to rebound. It is currently trading around 1.376 and has just reached the 120-day moving average on the daily chart. If the upward trend continues, the recent high of around 1.382 will likely be the short-term target.Additionally, with several major U.S. companies set to report earnings today, we should carefully monitor the direction of the U.S. dollar.

Today’s schedule includes remarks by a member of the UK’s MPC at 19:00, remarks by UK BOE Governor Bailey at 21:05, U.S. housing starts and building permits at 21:30, and remarks by a member of the UK’sPill, a member of the MPC, at 22:00, remarks by US San Francisco Fed President Daly at 24:00, remarks by US Richmond Fed President Barkin at 25:15,President of the Richmond Fed, at 26:15 a statement by U.S. Federal Reserve Governor Bowman, at 27:50 a statement by U.S. Atlanta Fed President Bostic, and at 28:00 a statement by U.S. Federal Reserve Governor Waller.While keeping an eye on these overlapping remarks by key figures during U.S. trading hours, we should carefully assess the relative strength of currencies against the U.S. dollar.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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