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Should Investors Be on Alert for Pound Movements Amid Expectations of a 0.25% Rate Hike by the BOE?

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Should Investors Be on Alert for Pound Movements Amid Expectations of a 0.25% Rate Hike by the BOE?

21.09.2023

Today's Highlights
  1. UK: BOC Policy Rate and Statement Announcement
  2. U.S. Initial Unemployment Insurance Claims

In the U.S. currency market yesterday, the U.S. dollar strengthened against the euro following the press conference after the FOMC meeting, as Fed Chair Powell reiterated the standard line that “we remain strongly committed to achieving a 2% inflation rate.”The EUR/USD pair hit a high of 1.0736 before pulling back, falling to 1.0658. As it has dropped to 1.0617 during today’s Asian trading session, traders should be on guard for further declines in the euro during European trading hours.

Ahead of today’s BOE policy rate announcement, the pound traded in a narrow range against the yen. GBP/JPY rose from 182.452 to 183.345 but failed to maintain its strength during U.S. trading hours and fell.During today’s Asian trading session, it has fallen to 182.381. GBP/JPY has been trading in a narrow range below the 20-day moving average (MA) since the start of the month, but with the 75-day MA providing support in the 181-yen range, we will be watching closely to see if it rebounds at that level.

Today’s schedule includes the UK public sector net debt at 15:00, the French corporate business sentiment index at 15:45, the Turkish consumer confidence index at 16:00, the Swiss National Bank (SNB) policy rate and statement at 16:30, and at 20:00, the UKBOC policy rate and statement, Turkey’s TCMB policy rate and statement, at 21:30: U.S. initial jobless claims, U.S. current account balance,U.S. Philadelphia Fed Business Outlook Index; at 23:00, U.S. Existing Home Sales and U.S. Leading Economic Index; and in Europe, remarks by ECB President Lagarde and the Eurozone Consumer Confidence Index are scheduled.We should remain highly vigilant regarding the pound’s price movements, given expectations of a 0.25% rate hike by the BOE.

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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