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Market participants may be on alert for price fluctuations following the ECB and BOE interest rate announcements

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Market participants may be on alert for price fluctuations following the ECB and BOE interest rate announcements

02.02.2023

Today's Highlights
  1. Press Conference by ECB President Lagarde
  2. Bank of England Policy Rate and Statement Release

In yesterday's U.S. trading session, the U.S. dollar fell following the Federal Open Market Committee's (FOMC) decision to narrow the policy interest rate range. The EUR/USD pair rose by approximately 180 pips from 1.0851 to 1.11032, reaching a new high for the year. The EUR/USD continues to rise along the daily 20-day moving average (MA), and although the daily RSI has reached 70, no divergence has been observed.We will be watching to see if the EUR/USD pair continues to rise during today’s U.S. trading hours.

Ahead of today’s Bank of England policy rate announcement, the pound strengthened against the U.S. dollar in European trading. GBP/USD rose from 1.2272 to 1.2399, breaking above the 200-period simple moving average (SMA) on the hourly chart. As GBP/USD is currently rising gradually, supported by the 75-period moving average (MA) on the 4-hour chart, we will be watching closely to see if it continues to climb further into European trading hours.

Today’s schedule includes Germany’s trade balance at 4:00 PM, fiscal balance at 4:45 PM, the Bank of England’s (BOE) interest rate decision and statement at 9:00 PM, remarks by BOE Governor Bailey at 9:30 PM, the European Central Bank’s (ECB) interest rate decision and statement at 10:15 PM, and Canada’s housing starts and U.S. initial jobless claims at 10:30 PM,US Q4 nonfarm labor productivity, at 10:45 PM: ECB President Lagarde’s press conference, at 12:00 AM: US manufacturing orders index, at 12:15 AM: ECB President Lagarde’s remarks, at 12:30 AM: US weekly natural gas inventories, and at 2:30 AM: SNB Governor Jordan’s remarks.We should remain highly vigilant for price fluctuations resulting from the ECB and BOE policy rate announcements.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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