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All Eyes on Whether the Pound Will Rebound Ahead of the UK CPI Release

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All Eyes on Whether the Pound Will Rebound Ahead of the UK CPI Release

17.01.2024

Today's Highlights
  1. China: Industrial Production
  2. U.S. Corporate Inventories

Yesterday, the three major U.S. stock indices all fell, resulting in a market environment characterized by falling stock prices, rising interest rates, and lower crude oil prices. WTI crude oil briefly dropped to $71.50 and is currently trading around $72.10. Natural gas prices fell by 9% to $2.80.All five major precious metals fell, with palladium seeing the sharpest decline, dropping 3.0% from the previous day to trade in the $939 range.

Ahead of today’s UK CPI release, the pound—which had been strengthening against the yen—is facing resistance. The GBP/JPY pair rose from 184.949 to 186.348 yesterday. It subsequently fell back to the 185-yen level and is now trending lower.On the daily chart, it appears the pair may recover to last month’s high, but it will be worth watching whether today’s CPI release will prompt the pound to regain ground against the yen.

Today’s economic indicators include China’s industrial production at 11:00, the UK’s Consumer Price Index, Retail Price Index, and Producer Price Index at 16:00, France’s budget balance at 16:45,at 19:00, the Eurozone Consumer Price Index; at 20:00, South Africa’s Retail Sales; at 21:00, the U.S. MBA Mortgage Applications Index; at 22:30, U.S. Retail Sales;U.S. Import Price Index, Canadian International Securities Turnover; at 23:00, remarks by U.S. Federal Reserve Vice Chair Bar and U.S. Federal Reserve Governor Bowman; at 23:15, U.S. Industrial Production; at 24:00, U.S. Business Inventories;at 24:15: Remarks by ECB President Lagarde; at 27:00: U.S. 20-year Treasury auction results are scheduled to be announced. I’d like to wait and see cautiously whether the pound will recover ahead of the 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.

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Will the momentum of the euro-dollar pair, which has rebounded sharply, continue? This is something to watch closely.
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