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Will the pound show resilience against the yen? We’ll be keeping a close eye on this.

Market Report

Will the pound show any resilience against the yen? We’ll be keeping a close eye on this.

04.09.2023

Today's Highlights
  1. European Investor Sentiment Index
  2. Switzerland: Second-Quarter Real GDP

In the U.S. currency markets last weekend, the Canadian dollar fell against the yen after Canada’s June real GDP, released on the 1st, deteriorated to -0.2% from 0.3% the previous month. The CAD/JPY pair dropped by approximately 110 pips from 107.825 to 106.678.It fell below the 20-day moving average (MA) on the daily chart. However, on the weekly chart, it remains above the 10-day MA, and since the uptrend continues, we will wait and see how the market moves during U.S. trading hours.

Among European currencies, while other yen crosses fell by more than 1 yen following the release of the UK’s August manufacturing and services PMIs last weekend—which improved to 43.0 from 42.5 the previous month—the GBP/JPY pair’s decline was limited to approximately 95 pips.After hitting a new monthly high on the 22nd of last month, GBP/JPY has been attempting to break higher again, but last weekend’s decline came after those attempts failed. However, since the pair remains just below the daily 20-day moving average, we will be watching price action during European trading hours closely.

Today, at 3:00 p.m., Germany’s trade balance and Sweden’s current account balance will be released; at 4:00 p.m., Switzerland’s second-quarter real GDP, Turkey’s consumer price index, and Turkey’s producer price index will be released; at 5:00 p.m., Brazil’s consumer price index will be released; and at 5:30 p.m., the Eurozone’sEurozone Investor Sentiment Index, at 10:00 p.m. Israel’s benchmark interest rate and remarks by German Bundesbank President Nagel, at 10:30 p.m. remarks by ECB President Lagarde, and at 12:00 a.m. South Korea’s foreign exchange reserves.We will be watching closely to see if the pound shows any resilience against the yen.

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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