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Should We Pay Attention to Remarks by MPC Member Pill of the Bank of England?

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Should We Pay Attention to Remarks by MPC Member Pill of the U.K.?

20.05.2022

Today's Highlights
  1. Germany: Producer Price Index
  2. Remarks by Pill, a Member of the Bank of England’s MPC

The U.S. dollar was the weakest currency the previous day, falling against both the yen and the euro.The U.S. dollar also weakened against the pound, which continues to face resistance on the upside, with the GBP/USD pair rising by approximately 200 pips from 1.233 to 1.252. The rise was particularly pronounced during U.S. trading hours, and the dollar’s resistance on the upside became especially evident, partly due to the impact of lackluster earnings reports from major retailers.

Among European currencies, the euro and the pound are locked in a tight battle; the EUR/GBP pair, which had been rising recently, has been trading within a range of 0.844–0.849.However, since the EUR/GBP pair is trading above the 20-period moving average on the 4-hour chart and has found support at lower levels, we will monitor whether the upward trend continues, assess the pound’s upside potential, and keep a close eye on today’s economic data releases during European trading hours to gauge the market’s direction.

Today, at 15:00 CET, UK retail sales,German Producer Price Index at 15:00, Swiss Q1 Industrial Production at 15:30, Turkish Consumer Confidence Index at 16:00, and remarks by UK MPC member Pill at 16:30. Aside from these, no major economic indicators or key speeches are scheduled during U.S. trading hours.We will carefully assess whether today’s economic data will cause any changes in the pound, which has been facing resistance on the upside.

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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Caution Over Further Downside Potential for Weakening European Currencies?
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