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Should We Be Wary of the Pound's Decline Against the U.S. Dollar?

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Should We Be Wary of the Pound's Decline Against the U.S. Dollar?

25.11.2021

Today's Highlights
  1. Remarks by ECB President Lagarde
  2. Remarks by Haskell, a Member of the MPC in the UK

Yesterday, two of the three major U.S. stock indices rose, resulting in a market environment characterized by higher stock prices, stable interest rates, and lower crude oil prices.WTI crude oil fell slightly to $78.4, while gold declined in tandem with the strengthening U.S. dollar, trading around $1,792. The fear index (VIX) fell back by about 4% and is trading around 18.5.

In the foreign exchange market, the pound weakened against the U.S. dollar, with the GBP/USD pair falling from 1.337 to 1.331.From a technical perspective, the GBP/USD pair is trending lower around the 20-period moving average (MA) on the 4-hour chart and has already hit a new low for the year. Whether it will continue to decline will depend on the strength of the U.S. dollar.

Today’s economic indicators include Germany’s third-quarter GDP (revised) and the GfK Consumer Confidence Survey at 16:00; South Africa’s Producer Price Index at 18:30; the release of the minutes from the ECB’s October Governing Council meeting at 21:30;at 22:30, remarks by ECB President Lagarde; at 23:05, remarks by MPC Member Haskell; at 26:30, remarks by BOE Governor Bailey; and at 6:00 the following day, the New Zealand ANZ Consumer Confidence Index.We will watch the situation closely to see if the US dollar, which has been showing strength, can maintain its momentum.

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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