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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.

European currencies saw the pound trade in a narrow range against the yen ahead of the release of the Consumer Price Index on the 19th. The GBP/JPY pair 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 the 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 the U.S. trading session.

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 England Deputy Governor Kanrif at 22:00, the US NAHB Housing Market Index at 23:00, remarks by ECB President Lagarde at 24:00, and US 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 focused primarily on foreign exchange trading and also has experience as an investment advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Should we watch for a rebound in the euro, which has been falling against the Oceania currencies?

Next Article

Market participants may be on alert for fluctuations in the U.S. dollar following remarks by Federal Reserve Governor Bowman

Past Market Reports

  1. 21.04.2026New

    With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

  2. 20.04.2026New

    Will the market wait and see how much further the U.S. dollar can rise against the yen?

  3. 17.04.2026New

    Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

  4. 16.04.2026New

    Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

  5. 15.04.2026New

    Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

  6. 14.04.2026

    Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

  7. 13.04.2026

    Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

  8. 10.04.2026

    Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

  9. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

  10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

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