All eyes are on whether the UK employment figures will give the pound a boost
19.07.2022
- Switzerland: Trade Balance
- Netflix's Second-Quarter Earnings Report
In yesterday's U.S. currency trading, while the U.S. dollar faced resistance at higher levels, the Canadian dollar surged, with the CAD/JPY pair rising approximately 90 pips from 106.107 to 107.014.The pair is currently trading around 106.522, less than 100 pips below the year-to-date high of 107.198 set on June 9. It will be interesting to see if further gains during European trading hours lead to a new high.
Among European currencies, the pound emerged as the strongest currency from European to U.S. trading hours, with GBP/USD rising by approximately 170 pips from 1.186 to 1.203.In today’s UK employment report, we will be watching the job market to see if the unemployment rate improves from the previous reading of 4.0%. If the results exceed market expectations, there is potential for further gains; therefore, we will be closely monitoring whether GBP/USD breaks above its recent high of 1.205.
Today, the UK employment report and Swiss trade balance will be released at 3:00 PM Asia time, followed by Turkish home sales at 4:00 PM Europe time and the final European Consumer Price Index at 6:00 PM.during U.S. trading hours at 21:30, U.S. housing starts; at 24:00, remarks by Bank of England Governor Bailey; at 27:35, remarks by Fed Vice Chair Brainard; and around 29:00, Netflix’s second-quarter earnings report. We will be watching to see if the UK employment data provides a boost to the pound.
Author: Keisuke Sakurai
