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All eyes are on whether the falling pound will rebound

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All eyes are on whether the falling pound will rebound

05.09.2022

Today's Highlights
  1. Remarks by a Member of the Bank of England’s Monetary Policy Committee
  2. European Services PMI (Final Reading)

Last weekend, the U.S. dollar rose slightly as the market reacted positively to the U.S. August employment report, which exceeded market expectations.Immediately after the release of the data, the USD/JPY pair rose to 140.793. Although it subsequently fell, it is once again trending upward during today’s Asian trading session. The USD/JPY pair is currently trading around 140.368 and is positioned above the 20-period moving average on the hourly chart, so it will be interesting to see if it continues to rise.

Among European currencies, the pound was the weakest, with the GBP/USD pair falling approximately 90 pips from 1.1587 to 1.1495.The decline has continued into today’s Asian trading session, with the pair hitting a new low for the year. The GBP/USD is currently trading at 1.1449, just a hair’s breadth away from the next support level at 1.1433; we will be watching closely to see if the pair rebounds at that support level.

Today’s economic indicators include Turkey’s Consumer Price Index and Producer Price Index at 16:00 European time, Switzerland’s second-quarter GDP at 16:00, France’s Services PMI (final reading) at 16:50, Germany’s Services PMI (final reading) at 16:55,at 17:00, the Eurozone Services PMI (final reading); at 17:30, the UK Services PMI (final reading); at 18:00, Eurozone retail sales; and at 24:30 during U.S. trading hours, remarks by a member of the Bank of Manchester’s Monetary Policy Committee (MPC).With U.S. markets closed today, we’ll be watching to see if the pound regains momentum as U.S. trading hours approach.

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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