search

An incredible cashback rate!
40% of the spread!

Join Now

All Eyes on the Direction of the Pound-Dollar Exchange Rate After a See-Saw Ride Following the U.S. CPI Release

Market Report

  1. homeHOME
  2. Market Report
  3. All Eyes on the Direction of the Pound-Dollar Pair After a See-Saw Ride Following the U.S. CPI Release

All Eyes on the Direction of the Pound-Dollar Exchange Rate After a See-Saw Ride Following the U.S. CPI Release

11.05.2023

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. UK: BOE Policy Rate and Statement Announcement

In the U.S. currency market the previous day, the U.S. dollar saw a seesaw trade against the pound following the release of the U.S. April Consumer Price Index, which showed the core index rising 5.5% year-over-year.GBP/USD surged sharply by about 70 pips from 1.2604 to 1.2679, only to immediately give up all of those gains.During today’s Asian session, the pair is trading around 1.2602, fluctuating above and below the 20-period moving average on the hourly chart. On the weekly chart, GBP/USD has some breathing room up to the 200-period SMA, so it will be worth watching to see if it rebounds again.

Among European currencies, the euro continued to fall against the yen. The euro/yen pair dropped by approximately 160 pips, from 148.669 to 147.041.The 20-period moving average (MA) on the 4-hour chart acted as a resistance level. Technically speaking, the EUR/JPY has already broken below the 20-period MA on the daily chart, and the daily RSI has pulled back after touching 70. Therefore, we will be closely monitoring the direction of the euro against the yen during European trading hours to see if it continues to weaken.

Today, at 16:00, Turkey’s current account balance will be released; at 20:00, the Bank of England (BOE) will announce its policy rate and statement, along with the BOE’s Quarterly Monetary Policy Report, and South Africa’s manufacturing output;at 8:30 p.m., remarks by Bank of England Governor Bailey; at 9:30 p.m., U.S. initial jobless claims and the U.S. Producer Price Index; at 9:45 p.m., remarks by Kashkari,Remarks by Kashkari, President of the Minneapolis Fed; at 23:30, U.S. weekly natural gas inventories and remarks by Fed Governor Waller; and at 26:00, a U.S. 30-year Treasury auction. We will be closely monitoring the direction of the GBP/USD pair, which has been fluctuating following the U.S. 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.

Previous Article

All eyes are on whether the euro, which has been on a downward trend, will recover.

Next Article

All eyes are on whether the U.S. dollar will strengthen following the release of the University of Michigan Consumer Sentiment Index
alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add/Save" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you're using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" as shown above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for explanations of each notification
arrow Return to Notification Settings
close
Details of Each Notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are taking notice.

polygon USDJPY

Notifications are sent for every 100 pips (1 JPY) (e.g., 1 USD = 147 JPY, 1 USD = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

polygon XAUUSD

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon BTCUSD

Notifications are sent for every 5,000 USD (e.g., 110,000 USD, 115,000 USD, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you're on the go, and place orders that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

You will receive a notification when the price fluctuates by more than 20 USD within an hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for four hours.

Return to Notification Settings