Market participants may be on alert for pound movements following the BOE’s policy rate announcement

Market participants may be on alert for pound movements following the BOE’s policy rate announcement

03.11.2022

In yesterday’s U.S. trading session, the U.S. dollar rose following remarks by Federal Reserve Chair Powell at the FOMC meeting that “the terminal rate will likely be higher than previously expected.” The Dollar Index recovered to 111.8. The EUR/USD pair fell by approximately 160 pips from 0.9974 to 0.9814.During today’s Asian session, the 10-period moving average on the hourly chart is acting as resistance, and the pair is beginning to trend downward again. We should remain vigilant to see if the decline continues into the European session.

Ahead of today’s Bank of England (BOE) interest rate announcement, the pound is trending lower against the yen. The GBP/JPY pair fell by about 2 yen, from 170.334 to 168.332, breaking below the 75-period moving average on the 4-hour chart. With a 0.75% rate hike expected in today’s announcement, all eyes will be on the 9:00 PM release to see if the market’s expectations are met and the pair continues its decline.

Today’s schedule includes the Turkish Consumer Price Index at 4:00 PM, remarks by German Bundesbank President Nagel at 5:00 PM, remarks by ECB President Lagarde at 5:05 PM, the UK Services PMI at 6:30 PM, U.S. Challenger job cuts at 8:30 PM, and the UK, a press conference by Bank of England Governor Bailey at 9:30 PM, along with Canadian housing permits, U.S. initial jobless claims, the U.S. trade balance, and U.S. third-quarter nonfarm labor productivity. At 11:00 PM, the U.S. ISM Non-Manufacturing Index and weekly natural gas inventories are scheduled.We will monitor the market direction while remaining vigilant for sudden price movements in the pound following the BOE interest rate announcement.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 15.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?