Should we keep an eye on the direction of the slumping pound?

Should we keep an eye on the direction of the slumping pound?

10.11.2022

In the previous day’s trading, the U.S. dollar rebounded during European trading hours and rose against the yen.The USD/JPY pair rose from 145.167 to 146.775, managing to avoid falling below the 145-yen level. However, the pair remains below the 20-day moving average (MA) on the daily chart, and the 200-day simple moving average (SMA) is acting as resistance on the 4-hour chart. Therefore, we need to remain vigilant regarding whether today’s release of the U.S. Consumer Price Index (CPI) will trigger further downside pressure.

Among European currencies, the pound was the weakest, with GBP/JPY falling by just over 2 yen from 168.302 to 166.018. Yesterday’s decline halted the pair’s advance toward the upper boundary of the uptrend line, triggering a pullback to the 200-period EMA on the 4-hour chart. During today’s Asian session, the pair has rebounded back toward the lower boundary of the uptrend line, so we will wait and see if it continues to rise into the European session.

Today’s schedule includes Turkey’s unemployment rate at 16:00 CET, remarks by Fed Governor Waller at 18:00 CET, the ECB’s monthly report at 21:30 CET, remarks by SNB Board Member Meckl at 22:00 CET, and in U.S. time, remarks by BOE Deputy Governor Ramsden at 22:00, U.S. initial jobless claims at 22:30, the U.S. Consumer Price Index, and remarks by Harker, President of the Philadelphia Fed, at 22:30.Remesden, Deputy Governor of the Bank of England, at 10:30 PM US time, US Initial Jobless Claims and the US Consumer Price Index at 10:30 PM, remarks by Harker, President of the Philadelphia Fed, at 10:30 PM, remarks by Logan, President of the Dallas Fed, at 11:35 PM, US Weekly Natural Gas Inventories at 12:30 AM, and a US 30-year Treasury auction at 3:00 AM.I intend to carefully monitor the direction of the sterling, which is losing momentum.

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?