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It remains to be seen whether the falling pound will recover

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It remains to be seen whether the falling pound will recover

05.09.2022

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

Last weekend, the U.S. dollar rose slightly as the market reacted positively to the August U.S. 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 now trending higher again 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 worth watching to see if it continues to rise.

Among European currencies, the pound has been the weakest, with the GBP/USD pair falling by about 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 level.

Today’s economic indicators include Turkey’s Consumer Price Index and Producer Price Index at 16:00 CET, Switzerland’s Q2 GDP at 16:00 CET, France’s Services PMI (final) at 16:50 CET, Germany’s Services PMI (final) at 16:55 CET, the Eurozone’s Services PMI (final) at 17:00 CET,at 17:30 UK Services PMI (final), at 18:00 Eurozone Retail Sales, and at 24:30 (US time) remarks by a member of the Bank of England’s Monetary Policy Committee (MPC). With US markets closed today, we will be watching to see if the pound regains momentum during US trading hours.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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