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Attention May Turn to Price Movements in European Currencies Ahead of the Policy Rate Announcement

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Attention May Turn to Price Movements in European Currencies Ahead of the Policy Rate Announcement

02.02.2022

Today's Highlights
  1. France: Fiscal Balance
  2. U.S. ADP National Employment Report

Yesterday, the three major U.S. stock indices all rose for the third consecutive day, resulting in a market environment characterized by rising stock prices, higher interest rates, and a flat gold price.Amid concerns over the situation in Ukraine and monetary tightening (QT), strong earnings reports from major U.S. companies were well-received, driving stock prices higher toward the close. The Russell 2000, which consists of small- and mid-cap stocks, also closed at 2,050, up 1.10% from the previous day.

Ahead of tomorrow’s policy rate announcement, price action in the foreign exchange market has slowed for the pound, with GBP/JPY trading within a range of 154.09–155.22.From a technical perspective, GBP/JPY appears to be finding support at the 200-period SMA on the 4-hour chart; however, since it is positioned just above the 20-period MA on the daily chart, the key focus will be whether it can break firmly above the 20-period MA with a solid candlestick body.

Today’s economic indicators include France’s budget balance at 16:45, the Eurozone’s Consumer Price Index (flash estimate) at 19:00, the U.S. MBA Mortgage Applications Index at 21:00, the U.S. ADP National Employment Report at 22:15, Canada’s Housing Starts at 22:30,at 24:00, remarks by BOC Deputy Governor Gravel; at 24:30, U.S. weekly crude oil inventories; and at 29:00, remarks by BOC Governor McClem. Ahead of tomorrow’s ECB and BOE policy rate announcements, we will carefully monitor how European currencies react.

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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