Should we keep an eye on the pound, which has been falling sharply?
25.04.2022
- UK CBI Business Survey
- Remarks by Bank of Canada Governor Macleam
Last weekend, the U.S. dollar strengthened, with the Dollar Index rising to 101, while the EUR/USD pair fell by about 70 pips from 1.058 to 1.077. With the 1.075 level—which has provided support on two recent occasions—now looming just below, it will be interesting to see if the pair rebounds again.
Among European currencies, the pound has fallen sharply, with GBP/USD dropping approximately 240 pips from 1.303 to 1.279. Unlike GBP/JPY, GBP/USD shows no clear support levels on the daily chart, and since it has broken well below the lower boundary of the descending channel at 1.289 with a real body candle, we should remain cautious of further declines.
Today, at 4:00 p.m. CET, Turkey’s Economic Sentiment Index and Capacity Utilization Rate will be released; at 5:00 p.m., Germany’s IFO Business Climate Index; at 7:00 p.m., the UK’sCBI Business Survey at 19:00, the Chicago Fed National Activity Index at 21:30 U.S. time, the Dallas Fed Manufacturing Activity Index at 23:30, and remarks by Bank of Canada Governor Macklem at 24:00. We will be watching for signs of strength or weakness in the pound at the start of the week.
Author: Keisuke Sakurai
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