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Should Investors Be Wary of Price Fluctuations Triggered by Remarks from BOE Deputy Governor Kanrif?

Market Report

Should Investors Be Wary of Price Fluctuations Triggered by Remarks from BOE Deputy Governor Kanrif?

28.09.2022

Today's Highlights
  1. Remarks by BOE Deputy Governor Kanrif of the UK
  2. Remarks by ECB President Lagarde

U.S. currencies rose during U.S. trading hours yesterday after the September Consumer Confidence Index came in above market expectations. The EUR/USD fell by about 100 pips from 0.9668 to 0.9569.During today’s Asian trading session, the pair hit a new low, touching 0.9544. However, since the 4-hour RSI for the EUR/USD pair is showing signs of divergence, we should remain cautious of a potential rebound.

Among European currencies, the pound—which experienced a flash crash at the start of the week—traded in a tight range against the U.S. dollar.Although GBP/USD rebounded by just under 200 pips from 1.0647 to 1.0836, it ultimately gave up all those gains and is showing further declines during today’s Asian trading session. Since the hourly RSI for GBP/USD rose to around 50 during the flash crash, traders should remain cautious of further downside.

Today’s schedule includes the German GfK Consumer Confidence Survey at 3:00 p.m., the French Consumer Confidence Index at 3:45 p.m., remarks by ECB President Lagarde at 4:15 p.m., remarks by BOE Deputy Governor Kanrif at 5:15 p.m., and at 8:00 p.m., the U.S.MBA Mortgage Applications Index, at 9:30 PM the U.S. Wholesale Inventories, at 9:35 PM remarks by U.S. Atlanta Fed President Bostic, at 11:00 PM pending U.S. existing home sales, at 11:10 PM remarks by U.S. St. Louis Fed President Braad,St. Louis Fed President, at 11:15 PM: U.S. remarks by Fed Chair Powell, at 11:30 PM: U.S. weekly crude oil inventories, at 12:30 AM: U.S. remarks by Richmond Fed President Barkin, and at 2:00 AM: U.S. 7-year Treasury note auction.We should pay close attention to whether the pound will fluctuate in response to remarks by Bank of England Deputy Governor Kanrif.

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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