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All Eyes on the Pound as It Loses Momentum Ahead of the Policy Rate Announcement

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All Eyes on the Pound as It Loses Momentum Ahead of the Policy Rate Announcement

03.05.2022

Today's Highlights
  1. France: Fiscal Balance
  2. Eurozone Producer Price Index

In the previous day’s trading, the U.S. dollar saw mixed performance against both Oceania and Europe, with the EUR/USD trading within a very narrow range of 1.049–1.054 and the AUD/USD within 0.703–0.707.However, following today’s RBA policy rate announcement, the Australian dollar has edged slightly higher, with the AUD/USD pair briefly rising to 0.714. The currency has continued to rise even after the announcement of a 0.35% rate hike.

Among European currencies, the pound has lost momentum ahead of this week’s Bank of England policy rate announcement, with the GBP/USD pair falling from 1.259 to 1.247. Although it has recovered half of those losses during today’s Asian trading session, it is now consolidating just above the 20-period moving average on the hourly chart, so we will be watching closely to see if it loses momentum again.

Today, during European trading hours, France’s budget balance will be released at 15:45, Germany’s unemployment rate at 16:55, and the UK’s Manufacturing PMI (final reading) at 17:30;at 18:00, the Eurozone Producer Price Index and unemployment rate; during U.S. trading hours at 23:00, U.S. manufacturing orders and the JOLTS survey; at 25:30, remarks by Rogers, Deputy Governor of the Bank of Canada; and at 6:00 the following day, the release of the RBNZ Financial Stability Report.We will be watching the pound closely as it loses momentum ahead of the policy rate announcement.

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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