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Should We Be Wary of the Pound's Highly Volatile Movements?

Market Report

Should We Be Wary of the Pound's Highly Volatile Movements?

12.10.2022

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. Remarks by Pill, a Member of the Bank of England’s MPC

In the U.S. currency market the previous day, the U.S. dollar remained firm as U.S. Treasury yields rose across the board.The USD/JPY pair rose to 146.388, marking a new high not seen in 24 years. However, at today’s press conference, Finance Minister Suzuki stated, “Sudden price fluctuations are undesirable. Intervention is not something we would undertake simply because the exchange rate reaches this level.” His remarks confirmed that the government is more concerned about sharp fluctuations in volatility than about the level of the exchange rate itself.

Although BOE Governor Bailey had previously stated that the asset purchase program would end on the 14th of this week as originally planned, he announced today that “the asset purchase program will be extended,” causing the pound to experience significant volatility.The pound-yen exchange rate fell by about 3 yen, from 162.637 to 159.718. Price fluctuations reflected market reactions swinging between optimism and pessimism in response to his contradictory remarks.

Today’s schedule includes UK GDP and UK industrial production at 3:00 p.m., remarks by UK MPC Member Haskell at 5:00 p.m., EurozoneIndustrial Production, at 8:00 PM the U.S. MBA Mortgage Applications Index, at 8:35 PM remarks by UK MPC Member Pill, at 9:30 PM the U.S. Producer Price Index, at 10:30 PM remarks by ECB President Lagarde, at 11:00 PM remarks by U.S. Federal Reserve Bank of Minneapolis President Kashkari:President of the Minneapolis Fed, at 2:00 a.m. remarks by UK MPC member Mann and the US 10-year Treasury auction, at 2:45 a.m. remarks by US Federal Reserve Vice Chair Barr, and at 3:00 a.m. the release of the US FOMC minutes are scheduled.We should remain vigilant regarding the pound, which is experiencing significant volatility.

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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It remains to be seen whether there will be any changes in the back-and-forth movement of the euro against the U.S. dollar.
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