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Will the Pound Weaken Following the BOE Policy Rate Announcement? Caution Is Advised

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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. UK: BOE Policy Rate and Statement Announcement

In U.S. currency trading the previous day, the Canadian dollar fell against the yen. The CAD/JPY pair fell 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 fall 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) policy 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 moving average (MA), with the decline extending to the point where it touched the -3σ line of the Bollinger Bands. We will be watching closely to see if today’s policy rate announcement leads to further weakness in the pound.

Today’s key economic indicators include remarks by ECB President Lagarde at 17:00, the Swiss Manufacturing PMI at 17:30, the UK Manufacturing PMI at 18:30, the Eurozone Consumer Price Index at 19:00, and at 21:00, the UK’sBOE policy rate decision and statement at 21:00, remarks by UK BOE Governor Bailey at 21:30, U.S. Challenger planned layoffs at 22:30, U.S. initial jobless claims at 23:45, U.S. Manufacturing PMI atat 24:00: U.S. ISM Manufacturing Index, and at 24:30: U.S. weekly natural gas inventories. We should remain vigilant to see if the pound weakens following the BOE policy 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 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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