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Should investors be wary of the direction of the GBP/JPY pair, which has been weakening after hitting a new high this month?

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Should investors be wary of the direction of the GBP/JPY pair, which has been weakening after hitting a new high this month?

12.01.2024

Today's Highlights
  1. UK Industrial Production
  2. U.S. Producer Price Index

In U.S. currency trading the previous day, the U.S. dollar traded in a range against the euro after the U.S. December CPI, released yesterday, showed that the year-over-year core rate fell by 0.1 percentage points from the previous month’s 4.0% to 3.9%.The EUR/USD pair traded between 1.0930 and 1.0998, with price action centered around the 20-period moving average on the hourly chart. During today’s Asian session, the EUR/USD pair has shown a slight upward trend. We will need to assess carefully whether the euro will continue to strengthen against the U.S. dollar.

Among European currencies, the pound rose slightly against the yen ahead of next week’s UK CPI release. The GBP/JPY pair rose from 185.069 to 186.162, hitting a new high for the month. However, during today’s Asian trading session, the GBP/JPY pair encountered resistance at the 20-period moving average on the hourly chart and is now heading lower.We will be closely monitoring the situation to see if the pound softens heading into European trading hours.

Today’s economic indicators include the Japan Economic Watchers Survey at 14:00, Turkey’s current account balance, the UK’s monthly GDP, UK industrial production, UK manufacturing output, and the UK trade balance at 16:00,at 16:45, France’s Consumer Spending and Consumer Price Index; at 21:00, India’s Industrial Production and Consumer Price Index; at 22:30, the U.S. Producer Price Index; and at 24:00, remarks by Kashkari, President of the Minneapolis Federal Reserve Bank.We should remain cautious about the direction of the GBP/JPY pair, which has been softening after hitting a new high for the month.

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

Will the euro, which has been gaining value, continue its upward trend? Watch this space.

Next Article

Should We Keep an Eye on the U.S. Dollar’s Movements as the U.S. Core PPI Year-Over-Year Rate Fell by 0.2 Points?
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