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Caution Advised Regarding Pound's Price Movements Following BOE Policy Rate Announcement

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Caution Advised Regarding Pound's Price Movements Following BOE Policy Rate Announcement

22.09.2022

Today's Highlights
  1. UK: BOE Policy Rate and Statement Announcement
  2. U.S. Second-Quarter Current Account Balance

In yesterday’s U.S. currency markets, the U.S. dollar strengthened following the Federal Open Market Committee’s (FOMC) decision to raise interest rates for the third consecutive meeting. The EUR/USD pair fell by approximately 160 pips, from 0.9974 to 0.9813.The pair continued to decline during today’s Asian trading session, hitting a new low for the year. It is currently trading around 0.9808, and since a “perfect order” is maintained across moving averages on the daily chart and beyond, we should remain cautious of further declines.

Among European currencies, the pound—ahead of today’s policy rate announcement—fell against the U.S. dollar but trended higher against the yen. The GBP/JPY pair rose by approximately 180 pips, from 161.402 to 163.236, rebounding off the lower boundary of its daily uptrend line.A 50-basis-point (bp) rate hike is expected in today’s Bank of England (BOE) policy rate announcement, but we will closely monitor price movements following the announcement to see if the increase matches market expectations.

Today’s schedule includes a press conference by Bank of Japan Governor Kuroda at 15:30, the Turkish Consumer Confidence Index at 16:00, the Swiss National Bank (SNB) policy rate and statement at 16:30, a press conference by SNB Governor Jordan at 17:00, the ECB’s monthly report,at 8:00 PM, the Bank of England (BOE) will announce its policy rate and statement, followed by the Turkish Central Bank (TCMB) announcing its policy rate and statement; at 9:30 PM, the U.S. will release initial jobless claims and the second-quarter current account balance;at 11:00 PM, the U.S. Leading Economic Index; at 11:30 PM, U.S. weekly natural gas inventories; and at midnight, the U.S. Kansas City Fed Manufacturing Activity Index are scheduled to be released. We should be on the lookout for any price movements in the pound following the BOE policy 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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