search

Compatible with MT4/MT5!
Easy trading on the go

Install Now

Will the pound weaken following the BOE policy rate announcement? Caution is advised.

Market Report

  1. homeHOME
  2. Market Report
  3. Will the pound weaken following the BOE policy rate announcement? Caution is advised.

Will the pound weaken following the BOE policy rate announcement? Caution is advised.

01.02.2024

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. Bank of England Announces Policy Rate and Statement

In yesterday’s U.S. currency trading, the Canadian dollar fell against the yen. The CAD/JPY pair dropped from 110.207 to 109.112. It broke below the 10-day moving average (MA) and fell to just below the 20-day MA. Since the CAD/JPY pair is beginning to decline from the upper boundary of its daily descending channel, we should remain vigilant to see if the Canadian dollar’s decline continues during European trading hours.

Ahead of today’s Bank of England (BOE) interest rate announcement, the pound fell against the yen. The GBP/JPY pair dropped from 187.600 to 185.936, breaking below the 75-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair has already broken below the 75-period MA, falling to the point where it touched the -3σ line of the Bollinger Bands. We will be watching closely to see if today’s interest rate announcement leads to further weakness in the pound.

Today’s key economic indicators include remarks by ECB President Lagarde at 5:00 PM, the Swiss Manufacturing PMI at 5:30 PM, the UK Manufacturing PMI at 6:30 PM, the Eurozone Consumer Price Index at 7:00 PM, and the UKBOE interest rate decision and statement, 9:30 PM UK: BOE Governor Bailey’s remarks, US: Challenger job cuts forecast, 10:30 PM US: Initial jobless claims, 11:45 PM US: Manufacturing PMI, 12:00 AM US: ISM Manufacturing PMI, and 12:30 AM US: Weekly natural gas inventories.We should remain vigilant to see if the pound weakens following the BOE interest rate announcement.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has focused primarily on foreign exchange trading and also has experience as an investment advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous article

Will the euro, which has risen against the yen, pull back? Keep an eye on the direction of the market.

Next Article

With European CPI falling, all eyes are on the euro-yen pair’s movements

Past Market Reports

  1. 17.04.2026New

    Will the market wait and see how much further the U.S. dollar can rise against the yen?

  2. 16.04.2026New

    Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

  3. 15.04.2026New

    Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

  4. 14.04.2026New

    Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

  5. 13.04.2026New

    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

  6. 10.04.2026

    Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

  7. 09.04.2026

    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?

  8. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

  9. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

  10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed

High Leverage at Exness!

Top-tier specs for experienced traders

Open Live Account
Legal, Risk Warning & Restricted Areas

Risk Warning

CFDs are leveraged products and carry a high level of risk. They may not be suitable for all investors. The value of investments may rise or fall, and you may lose all of your invested capital. Exness shall not be liable under any circumstances for any direct or indirect losses or damages incurred by individuals or entities trading CFDs.Read more

  1. Legal Documents
  2. Risk Disclosure
  3. Preventing Money Laundering
  4. Privacy Policy
Exness
This website (Exness New Account Opening Promotion) is operated by FXPLUS LLC and is not owned or managed by Exness. FXPLUS LLC runs this campaign on behalf of Exness.

Information provider: FXPLUS LLC

Address: Georgia, Tbilisi, Krtsanisi district, Nino and Ilia Nakashidze St., N 1, (Avlevi block), flat N3, building N3

Company number: 404695255

  1. Operating Company
  2. Privacy Policy
  3. Copyright

Copyright(c) 2010-2026 FXplus. All rights reserved.

alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add to Home Screen" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you are using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
US Dollar/Japanese Yen
Gold/US Dollar
Bitcoin/US Dollar
US Dollar/Japanese Yen
Gold/US Dollar
Bitcoin/US Dollar
Close
Click here for a description of each notification
arrow Return to Notification Settings
close
Details of each notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Receive a round number notification

A feature that sends notifications when a price reaches a round number. These notifications help traders capitalize on trading opportunities and manage risk, making them a popular tool among many traders.

polygon US Dollar/Japanese Yen

Notifications are sent for every 100 pips (1 JPY) (e.g., $1 = 147 JPY, $1 = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours).

polygon Gold/US Dollar

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon Bitcoin/US Dollar

Notifications are sent every $5,000 (e.g., $110,000, $115,000, etc.). Notifications at the same rate are reset after 3 days (72 hours).

line Receive notifications of sudden price fluctuations (sharp rises or falls in exchange rates)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you’re on the go, and place orders instantly in response to market conditions.

polygon US Dollar/Japanese Yen

You will receive a notification when there is a price fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or fall). After that, notifications for sudden price fluctuations under the same conditions will be paused for one hour.

polygon Gold/US Dollar

Receive a notification when the price fluctuates by more than $20 within an hour (sharp rise or fall). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

polygon Bitcoin/US Dollar

Receive a notification when the price fluctuates by more than $2,000 within an hour (sharp rise or fall). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

Return to Notification Settings