Should we keep an eye on the pound’s movements as its value rises?

Should we keep an eye on the pound’s movements as its value rises?

06.03.2024

In U.S. currency markets yesterday, the U.S. dollar fell during U.S. trading hours following the release of U.S. January manufacturing orders, which dropped sharply from 0.2% the previous month to -3.6%. The USD/JPY pair fell from 150.545 to 149.698. Since the start of this week, dark clouds have been gathering over the prospect of breaking through the mid-150 yen level.From a technical perspective, USD/JPY is trading just below the 20-day moving average on the daily chart, so we will be watching closely to see if key figures’ remarks during U.S. trading hours trigger any price movements.

European currencies saw the pound rise against the U.S. dollar despite the UK’s February services PMI, released yesterday, falling to 53.8 from 54.3 the previous month. GBP/USD rose to 1.2670–1.2734. The pair showed an upward trend along the 10-period moving average on the 4-hour chart.On the daily chart, GBP/USD is finding support at the 75-day moving average, and as the lows are rising, we should watch for an upward move during European trading hours.

Today’s schedule includes South Korea’s Consumer Price Index at 8:00, Australia’s Real GDP at 9:30, Germany’s Trade Balance at 16:00, the UK’s Construction PMI at 18:30, Eurozone Retail Sales at 19:00, the U.S. MBA Mortgage Applications Index and Brazil’s Industrial Production at 21:00, the U.S. ADP Employment Report at 22:15,at 10:30 PM, Canadian labor productivity; at 11:45 PM, the Bank of Canada’s policy rate announcement and statement; at 12:00 AM, the Ivey Purchasing Managers’ Index, U.S. wholesale inventories, and U.S. JOLTS job openings; at 1:00 AM, Fed Chair Powell’s congressional testimony; and at 4:00 AM, the U.S. Federal Reserve Bank regional economic reports. We will closely monitor the movements of the pound, which has been gaining ground.

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