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Should We Be on Alert for Pound Fluctuations Following the Release of U.K. Economic Indicators?

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Should We Be on Alert for Pound Fluctuations Following the Release of U.K. Economic Indicators?

12.12.2022

Today's Highlights
  1. U.S. 10-Year Treasury Auction
  2. UK GDP

Last weekend, U.S. currencies held steady on the downside following the release of the U.S. November PPI, and the euro/dollar pair fell by about 80 pips from 1.0587 to 1.0503.The U.S. November Producer Price Index (PPI), released on the 9th, came in at 7.4% year-over-year—higher than the market forecast of 7.1% and slightly lower than the previous reading of 8.0%. This led to a surge in the U.S. dollar, as market participants speculated that the U.S. Consumer Price Index (CPI), scheduled for release tomorrow, might be less likely to decline.

Among European currencies, the pound strengthened against the yen ahead of today’s GDP release. The GBP/JPY pair rose by about 1.7 yen, from 166.258 to 168.056, hitting a new high for the month.Since GBP/JPY continues to trade with support at the 20-day moving average (MA) on the weekly chart, we intend to maintain a bullish outlook and monitor price movements until the pair breaks below the weekly 20-day MA.

Today, at 15:00 Asia time, Japan’s machine tool orders will be released; at 16:00 Europe time, the UK’s GDP, industrial production, and merchandise trade balance, as well as Turkey’s unemployment rate and current account balance, will be released; and at 21:00, India’sIndustrial Production, and India’s Consumer Price Index at 21:00 during Asian trading hours; the U.S. 3-year Treasury auction at 25:30, the U.S. 10-year Treasury auction at 27:00, the U.S. budget balance at 28:00, and remarks by BOC Governor Macleem at 29:25 during U.S. trading hours.We will closely monitor price movements to see if the pound will experience significant fluctuations following the series of economic indicator releases in the UK.

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 are on whether the U.S. CPI will come in below the market forecast of 7.3%
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