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Market participants are likely keeping a close eye on the pound’s upward movement ahead of the CPI release

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Market participants are likely keeping a close eye on the pound’s upward movement ahead of the CPI release

17.04.2023

Today's Highlights
  1. Retail and Wholesale Sales
  2. U.S. New York Fed Manufacturing Index

Last weekend, the U.S. dollar rose after Federal Reserve Governor Waller stated that "further monetary tightening is necessary to combat persistent high inflation."The USD/JPY pair rose from 132.171 to 133.828, returning to just below the daily 200-day EMA. As the daily RSI for USD/JPY is once again trending upward, we should keep an eye on the dollar’s price movements during U.S. trading hours.

Among European currencies, the pound traded in a narrow range against the yen ahead of the release of the Consumer Price Index on the 19th. GBP/JPY had been fluctuating within a tight range between 165.409 and 166.237, but has been trending higher during today’s Asian trading session. Since GBP/JPY is finding solid support at the 200-day moving average on the 4-hour chart, we will be watching to see if the pound gains strength heading into U.S. trading hours.

Today’s schedule includes India’s Wholesale Price Index at 15:30 (Asia time), Turkey’s Housing Sales at 16:00 (Europe time), and Canada’s Government Bond Turnover and Wholesale Sales at 21:30 (U.S. time),the US NY Fed Manufacturing Index at 21:30, remarks by Bank of Canada Deputy Governor Kanliff at 22:00, the US NAHB Housing Market Index at 23:00, remarks by ECB President Lagarde at 24:00, and US Foreign Direct Investment in US Securities at 29:00. We will be closely monitoring the pound’s upward movement as it tests the upper range ahead of the CPI release.

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. I specialize in technical and fundamental analysis, drawing on my extensive experience.

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