All eyes are on whether the pound will see significant movement at the BOE meeting, where rates are expected to remain unchanged at 5.25%

All eyes are on whether the pound will see significant movement at the BOE meeting, where rates are expected to remain unchanged at 5.25%

02.11.2023

In the U.S. currency market yesterday, the U.S. dollar temporarily rose against the euro following the release of the U.S. ADP employment report, which showed an increase from 89,000 in the previous month to 113,000.The EUR/USD pair fell from 1.0580 to 1.0516, dropping to levels near its two-week low. Technically, the EUR/USD pair appears to be finding support near the 1.0448 support level, so it will be worth watching whether the euro gains ground as the U.S. dollar weakens.

Ahead of today’s Bank of England policy rate announcement, the pound fell against the yen. The GBP/JPY pair dropped from 184.285 to 182.935. It broke below the 20-period moving average on the hourly chart and fell to near the 75-period moving average. While this decline is partly a correction following the sharp rally after the Bank of Japan meeting, we need to remain vigilant regarding whether the yen will strengthen in response to a rate hike.

Today’s schedule includes the Swiss Consumer Price Index at 4:30 PM, France’s budget balance at 4:45 PM, France’s Manufacturing PMI at 5:50 PM, Germany’s employment statistics at 5:55 PM, Norway’s deposit rate at 6:00 PM, the Eurozone Manufacturing PMI at 6:00 PM, U.S. Challenger job cuts at 8:30 PM, and the UK’sBOE interest rate decision and statement at 21:30, UK BOE Governor Bailey’s press conference and US initial jobless claims at 21:30, US manufacturing orders at 23:00, and remarks by Swiss SNB Governor Jordan at 02:00. We will be watching closely to see if the pound sees significant movement following the BOE meeting, where the rate is expected to remain unchanged at 5.25%.

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