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Should We Keep an Eye on the Pound's Price Movements as It Withstands the Downturn?

Market Report

Should We Keep an Eye on the Pound's Price Movements as It Withstands the Downturn?

17.12.2021

Today's Highlights
  1. European Consumer Price Index (Final Figures)
  2. Germany's IFO Business Climate Index

Yesterday, the three major U.S. stock indices all fell, leading to a market environment characterized by lower stock prices, lower interest rates, and higher crude oil prices. WTI crude oil rose to $71.6. Gold rebounded and regained the $1,800 level, trading around $1,802.The VIX (fear index) rose by about 6.6% and is trading around 20.5. U.S. industrial production for November, released yesterday, came in at 0.5%, compared to market expectations of 0.6%.

In the foreign exchange market, while cross-yen pairs have been falling since yesterday’s U.S. trading session, GBP/JPY has held its ground and is trading around 151.31.Yesterday, the Bank of England (BOE) announced a rate hike from 0.10% to 0.25%, causing the pound to rise temporarily. It surpassed this month’s high of 152.63. The focus will likely be on whether GBP/JPY can break above 153.81, the recent high on the 4-hour chart.

Today’s key events include a press conference by Bank of Japan Governor Kuroda at 15:30, UK retail sales and the German Producer Price Index at 16:00, the German IFO Business Climate Index at 18:00, the Eurozone Consumer Price Index (final reading) at 19:00,at 10:30 p.m., Canada’s Housing Price Index, and at 3:00 a.m., remarks by Federal Reserve Governor Waller. We will be closely monitoring how the various currencies, which have shown some movement heading into the weekend, will perform during today’s U.S. trading session.

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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