Investors should watch for fluctuations in the pound following the release of UK unemployment figures
16.08.2022
- UK Unemployment Rate
- U.S. Housing Starts
In yesterday’s U.S. currency trading, while cross-yen pairs generally fell, USD/JPY held its ground, trading in a range between 132.573 and 133.600.Following yesterday’s decline, USD/JPY has recovered during today’s Asian session and is rising with momentum toward yesterday’s high of 133.600. If this upward trend continues, it will be worth watching whether the pair can reach the recent 4-hour high of 134.298.
European currencies continued to weaken, with the pound falling against the U.S. dollar by approximately 100 pips from 1.2147 to 1.2050. While 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 is scheduled for 3:00 PM during Asian trading hours, followed by Turkish home sales at 4:00 PM during European trading hours, the German ZEW Economic Sentiment Survey and the Eurozone trade balance at 6:00 PM,at 8:30 PM the Turkish Housing Price Index, at 9:15 PM Canadian housing starts, at 9:30 PM during U.S. trading hours the Canadian Consumer Price Index, Canadian international securities turnover, U.S. housing starts, and U.S. building permits, at 10:15 PM U.S. industrial production and U.S. capacity utilization, and at 7:45 AM the following day the New Zealand Q2 Producer Price Index.We will be watching closely to see if the pound, which has been weakening against the US dollar, will react to the unemployment rate release.
Author: Keisuke Sakurai
