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All eyes are on whether remarks by Tenreiro, a member of the MPC, will cause the pound to move

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All eyes are on whether remarks by Tenreiro, a member of the MPC, will cause the pound to move

04.04.2023

Today's Highlights
  1. Eurozone Producer Price Index
  2. Remarks by Tenreiro, a Member of the MPC in the UK

In the U.S. currency market the previous day, despite Federal Reserve Governor Cook stating, “We are seeing disinflation, but further action is needed,” the U.S. dollar faced resistance on the upside, and the EUR/USD pair rose by approximately 120 pips from 1.0787 to 1.0916.On the daily chart, the EUR/USD pair continues to rise, supported on the downside by the 10-day moving average (10MA). If it breaks above the recent high of 1.0927, it will likely target this year’s high of 1.1031; therefore, traders should remain cautious of the U.S. dollar’s weakness.

Among European currencies, the EUR/GBP pair—which involves two European currencies—is trending slightly lower, having fallen from 0.8806 to 0.8771.In addition to the EUR/GBP having already fallen below the 20-period moving average on the 4-hour chart, the RSI is trending downward on the daily chart; therefore, traders should pay close attention to potential volatility caused by key officials’ remarks and economic data releases during today’s European trading session.

Today’s schedule includes Germany’s trade balance at 15:00, the Eurozone’s producer price index at 18:00, remarks by MPC member Tenreyro of the UK at 18:15, Canada’s housing permits at 21:30,at 11:00 PM, U.S. new manufacturing orders and U.S. JOLTS job openings; at 11:30 PM, remarks by MPC member Pill of the UK; at 2:30 AM, remarks by Fed Governor Cook of the U.S.; at 2:45 AM, remarks by Collins:Speech by Boston Fed President Collins, and at 7:15 the following day, a speech by U.S. Cleveland Fed President Mester is scheduled. We will be watching closely to see if the remarks by UK MPC Member Tenreiro trigger any movement in the pound.

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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With the pound reversing course and falling from its recent highs, should we keep a close eye on its direction?
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