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Should We Be on Alert for Policy Interest Rates and Policy Statements from the UK and Europe?

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Should We Be on Alert for Policy Interest Rates and Policy Statements from the U.K. and Europe?

03.02.2022

Today's Highlights
  1. Europe: ECB Policy Rate and Statement Release
  2. UK: BOE Policy Rate and Statement Announcement

In the U.S. currency market yesterday, against the backdrop of a slight decline in the Dollar Index to 96.03, the USD/JPY pair fell by about 60 pips from 114.80 to 114.15.USD/JPY is currently trading around 114.47, attempting to rise just above the 20-period moving average on the hourly chart. The U.S. dollar is also showing weakness against European currencies, with EUR/USD rising for the third consecutive day. It is declining in tandem with the resistance faced by the U.S. 10-year Treasury yield.

Ahead of today’s ECB policy rate announcement, the euro has risen against the U.S. dollar. The euro is currently trading around 1.130 against the dollar. However, against the pound—another European currency—the euro has yet to find a clear direction, and the euro/pound pair is trading within a range of 0.830 to 0.836.At today’s ECB meeting, it is expected that there will be some mention of quantitative tightening (QT) in light of rising inflation, so we should pay close attention to ECB President Lagarde’s remarks.

Today’s economic indicators include the Eurozone Producer Price Index at 19:00, the Bank of England’s (BOE) policy rate decision and statement at 21:00, remarks by BOE Governor Bailey at 21:30, the U.S. Challenger Layoff Report, and at 21:45, the EurozoneECB policy rate and statement at 21:45, a press conference by ECB President Lagarde at 22:30, U.S. initial jobless claims, and U.S. fourth-quarter nonfarm labor productivity at 22:30, the U.S. Services PMI at 23:45,at 24:00, the U.S. ISM Non-Manufacturing Index and U.S. Manufacturing Orders Index are scheduled for release. We will monitor currency strength and weakness while keeping an eye on policy rate trends ahead of the start of U.S. trading hours.

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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