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Should We Keep a Close Eye on the Pound's Movement as It Tests the Upside Ahead of the CPI Release?

Market Report

Should We Keep a Close Eye on the Pound's Movement as It Tests the Upside 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, “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 200-day EMA on the daily chart. As the daily RSI for USD/JPY is once again trending upward, we should keep an eye on the dollar’s upward price movement during U.S. trading hours.

Among European currencies, the pound—ahead of the release of the Consumer Price Index on the 19th of this week—traded in a narrow range against the yen.GBP/JPY had been trading in a narrow 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-period moving average (MA) on the 4-hour chart, we will be watching to see if the pound gains strength heading into the U.S. trading session.

Today’s schedule includes India’s Wholesale Price Index at 15:30 during Asian trading hours, Turkey’s Home Sales at 16:00 during European trading hours, and Canada’s Government Bond Turnover and Wholesale Sales at 21:30 during U.S. trading hours,the U.S. New York Fed Manufacturing Index at 22:00, remarks by Bank of England Deputy Governor Kanrif at 23:00, the U.S. NAHB Housing Market Index at 24:00, remarks by ECB President Lagarde at 29:00, and U.S. securities investment data at 29:00.We will closely monitor the pound’s price action as it tests the upside ahead of the CPI release.

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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