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Should Investors Watch for Pound Fluctuations Following the Release of UK Unemployment Figures?

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Should Investors Watch for Pound Fluctuations Following the Release of UK Unemployment Figures?

16.08.2022

Today's Highlights
  1. UK Unemployment Rate
  2. U.S. Housing Starts

In yesterday’s U.S. currency trading, while cross-yen pairs generally fell, USD/JPY held up well, trading back and forth between 132.573 and 133.600.Following yesterday’s decline, USD/JPY has recovered during today’s Asian trading session and is rising with enough momentum to reach yesterday’s high of 133.600. If this upward trend continues, it will be worth watching to see if the pair can climb to the recent 4-hour high of 134.298.

Among European currencies, the pound’s decline against the U.S. dollar continued unabated, with the GBP/USD pair falling approximately 100 pips from 1.2147 to 1.2050.Although the GBP/USD pair has been trading within a range of 1.2003 to 1.2293 on the daily chart, there is a possibility it could break below this range due to the strength of the U.S. dollar. Therefore, we will be closely monitoring whether it breaks below the lower boundary of the range at 1.2003.

Today, the UK unemployment rate will be released at 15:00 during Asian trading hours, followed by Turkish home sales at 16:00 during European trading hours, the German ZEW Economic Sentiment Survey and the Eurozone trade balance at 18:00,at 20:30 the Turkish Housing Price Index, at 21:15 Canadian housing starts, at 21:30 during U.S. trading hours the Canadian Consumer Price Index, Canadian international securities turnover, U.S. housing starts, and U.S. building permits, and at 22:15 U.S.Industrial Production, U.S. Capacity Utilization, and at 7:45 the following day, New Zealand’s Q2 Producer Price Index. We will be watching closely to see if the pound, which has been weakening against the U.S. dollar, will react to the unemployment 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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