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Should We Be Wary of the Pound's Upside Momentum Amid Volatile Price Movements?

Market Report

Should We Be Wary of the Pound's Upside Momentum Amid Volatile Price Movements?

14.10.2022

Today's Highlights
  1. Remarks by U.S. Federal Reserve Board Member Cook
  2. France: Consumer Price Index

The previous day, the U.S. dollar emerged as the strongest currency during U.S. trading hours after the CPI came in at 8.2%, 0.1 percentage points higher than the market forecast of 8.1%. However, as U.S. Treasury yields declined, the currency faced resistance at higher levels and lost momentum.Although the euro/dollar pair fell immediately after the CPI release, it subsequently rose to 0.9806. The pair had been trading in a range centered around 0.9700, but yesterday’s rally pushed it higher; we will be watching closely to see if it can hold the level around 0.9793.

Among European currencies, the pound trended higher, with the GBP/JPY pair rising by just under 5 yen from 162.341 to 167.2880.Technical analysis has become less effective for the GBP/JPY pair due to the large-scale tax cut plan under the new Truss administration, and the pair has been trading within a 7-yen range on the daily chart. Given the extremely volatile price action, investors should be wary of sharp swings heading into the weekend.

Today, at 3:45 p.m., France’s Consumer Price Index; at 4:00 p.m., Turkey’s Home Sales; at 6:00 p.m., the Eurozone’strade balance, at 9:30 PM U.S. retail sales, U.S. import price index, Canadian manufacturing shipments, and Canadian wholesale sales; at 10:00 PM, Canadian existing home sales; at 11:00 PM, the U.S. University of Michigan Consumer Sentiment Index, U.S. business inventories, and remarks by U.S. Federal Reserve Governor George:Kansas City Fed President’s remarks; at 11:30 p.m., remarks by U.S. Federal Reserve Governor Cook; and at 1:15 a.m., remarks by U.S. Federal Reserve Governor Waller are scheduled. Be wary of the upward momentum of the pound, which is experiencing significant price fluctuations.

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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All eyes are on whether the U.S. dollar will maintain its strength ahead of the FOMC meeting early next month.
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