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Market Participants May Be on Alert for Pound Movements Following the BOE Policy Rate Announcement

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Market Participants May Be on Alert for Pound Movements Following the BOE Policy Rate Announcement

03.11.2022

Today's Highlights
  1. U.S. ISM Non-Manufacturing Purchasing Managers' Index
  2. UK: BOE Policy Rate and Statement Announcement

In the U.S. currency market the previous day, 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 lower again; therefore, we should remain vigilant to see if the decline continues into the European session.

Ahead of today’s Bank of England (BOE) policy 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 policy announcement, all eyes will be on the 9:00 PM announcement to see if the result aligns with market expectations and whether the downward trend will continue.

Today’s schedule includes the Turkish Consumer Price Index at 16:00, remarks by German Bundesbank President Nagel at 17:00, remarks by ECB President Lagarde at 17:05, the UK Services PMI at 18:30,at 8:30 p.m., U.S. Challenger layoff announcements; at 9:00 p.m., the Bank of England’s policy rate decision and statement; at 9:30 p.m., a press conference by Bank of England Governor Bailey; Canadian housing permits;U.S. Initial Jobless Claims, U.S. Trade Balance, U.S. Q3 Nonfarm Labor Productivity, at 23:00 U.S. ISM Non-Manufacturing PMI, and U.S. Weekly Natural Gas Inventories.We will keep a close eye on the market direction while remaining vigilant for any sudden movements in the pound following the BOE’s 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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All Eyes on the Pound’s Direction Following a Sharp Drop on the Back of the BOE’s Policy Rate Decision
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