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Caution Over the Pound’s Direction Following Comments on Inflation Risks

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Caution Over the Pound’s Direction Following Comments on Inflation Risks

09.02.2024

Today's Highlights
  1. Thailand's Foreign Exchange Reserves
  2. Mexico: Industrial Production

In U.S. currency trading the previous day, the U.S. dollar strengthened during U.S. trading hours after the number of new U.S. unemployment insurance claims, released yesterday, fell to 218,000 from 224,000 the previous week. The USD/JPY pair rose from 147.929 to 149.479.A “band walk” along the +2σ line of the hourly Bollinger Bands was observed. As USD/JPY has been consolidating at lower levels during today’s Asian session, we will be closely monitoring whether there are any changes in the currency’s strength or weakness during the European session.

Regarding European currencies, a member of the Bank of England’s Monetary Policy Committee (MPC) stated yesterday that “the labor market remains tight, and we recognize the risk of persistent inflation.” As a result, the pound rose against the yen.GBP/JPY rose by about 1.6 yen, from 186.867 to 188.498. The rally was strong enough to approach this year’s high. We will need to keep a close eye on price movements during European trading hours to see if this upward trend continues.

Today’s economic indicators include Norway’s Consumer Price Index and Germany’s Consumer Price Index at 16:00, Turkey’s Industrial Production at 16:00, Hungary’s Consumer Price Index and Thailand’s Foreign Exchange Reserves at 16:30,at 19:30, remarks by German Bundesbank President Nagel; at 21:00, Mexico’s industrial production; at 22:30, Canada’s employment report; and at 27:30, remarks by Logan, President of the Dallas Fed.We will carefully monitor the direction of the pound, which has strengthened following comments on inflation risks.

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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