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All eyes are on whether the pound, which has been falling against the yen, will recover

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All eyes are on whether the pound, which has been falling against the yen, will recover

26.01.2023

Today's Highlights
  1. U.S. Fourth-Quarter GDP
  2. U.S. Personal Consumption

In U.S. currency trading the previous day, the euro/dollar rose as the Dollar Index fell to 101.6.The EUR/USD pair rose by just under 70 pips, from 1.0857 to 1.0923. Since the start of this week, the pair has continued to trade in a range near its highs. However, on the 4-hour chart, the 20-period moving average is acting as support at the lower end, causing the pair to rise slightly; therefore, it will be worth watching to see if the US dollar’s weakness becomes apparent heading into the weekend.

European currencies saw the pound weaken against the yen after yesterday’s release of the UK’s December Producer Price Index (PPI) showed that input prices fell year-over-year to 16.5% from the previous reading of 18.0%, while output prices also unexpectedly declined to 14.7%.GBP/JPY fell by approximately 140 pips from 160.932 to 159.506, temporarily dipping below the 200-period EMA on the hourly chart. However, on the daily chart, the pair is in a triangle consolidation pattern with widening upper and lower boundaries, so traders should remain cautious regarding the direction of the market during European trading hours.

Today’s schedule includes: Japan’s machine tool orders at 15:00, South Africa’s Producer Price Index at 18:30, the UK’s CBI Retail Trade Survey at 20:00, U.S. initial jobless claims at 22:30, U.S. fourth-quarter GDP, U.S. personal consumption,U.S. Core PCE Deflator, U.S. Durable Goods Orders, U.S. Wholesale Inventories,U.S. Chicago Fed National Activity Index at 24:00, U.S. New Home Sales at 24:30, U.S. Weekly Natural Gas Inventories at 25:00, U.S. Kansas City Fed Manufacturing Activity Index at 27:00, and a U.S. 7-year Treasury auction at 27:00.I want to carefully assess the direction to see if the pound, which has been falling against the yen, will recover.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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