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Should Investors Watch for Pound Fluctuations Following the Release of U.K. Unemployment Figures?

Market Report

Should Investors Watch for Pound Fluctuations Following the Release of U.K. 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, the USD/JPY held up well, trading back and forth between 132.573 and 133.600.Following yesterday’s decline, USD/JPY has rebounded 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 high on the 4-hour chart at 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.On the daily chart, GBP/USD is trading within a range of 1.2003 to 1.2293, but given the strength of the U.S. dollar, there is a possibility of a breakout to the downside; therefore, we will be closely monitoring whether the pair 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 8:30 p.m., Turkey’s Housing Price Index; at 9:15 p.m., Canada’s Housing Starts; during U.S. trading hours at 9:30 p.m., Canada’s Consumer Price Index, Canada’s International Securities Turnover, U.S. Housing Starts, and U.S. Building Permits; and at 10:15 p.m., U.S.Industrial Production, U.S. Capacity Utilization, and at 7:45 the following day, New Zealand’s Q2 Producer Price Index. We’ll be watching closely to see if the pound, which has been weakening against the U.S. dollar, will react to the unemployment rate release.

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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