search

An incredible cashback rate!
40% of the spread!

Join Now

With the pound showing strength ahead of the BOE meeting, investors should watch for its upside potential

Market Report

  1. homeHOME
  2. Market Report
  3. With the pound showing strength ahead of the BOE meeting, investors should watch for its upside potential

With the pound showing strength ahead of the BOE meeting, investors should watch for its upside potential

21.03.2024

Today's Highlights
  1. Swiss National Bank (SNB) Policy Rate and Statement Announcement
  2. UK: BOE Policy Rate and Statement Announcement

In U.S. currency trading yesterday, the U.S. dollar weakened during U.S. trading hours after the FOMC decided to keep the policy rate unchanged. The EUR/USD pair rose from 1.0836 to 1.0922, breaking above the 200-period SMA on the hourly chart.On the 4-hour chart, the EUR/USD pair has touched the +3σ level of the Bollinger Bands, while on the daily chart, the RSI stands at 59 and is within the buffer zone. We will be closely monitoring whether the euro continues to strengthen against the U.S. dollar.

Among European currencies, the pound is rising against the yen ahead of today’s Bank of England (BOE) policy rate announcement. In contrast to the falling USD/JPY, GBP/JPY rose from 191.738 to 193.527.An uptrend has emerged along the 10-period moving average (MA) on the hourly chart. Since the market expects the BOE to keep rates unchanged at 5.25% today, we will need to carefully assess whether the pound will continue to rise against the yen.

Today’s schedule includes the Australian employment report at 9:30, the French manufacturing and services PMIs at 17:15, and the GermanManufacturing/Services PMIs, the Swiss National Bank (SNB) policy rate and statement at 5:30 p.m., Eurozone Manufacturing/Services PMIs and the ECB Monthly Report at 6:00 p.m., a press conference by SNB Governor Jordan at 6:00 p.m., UKBOE policy rate and statement, at 21:30: U.S. initial jobless claims and the Philadelphia Fed Business Outlook Index, at 22:35: remarks by BOC Deputy Governor Gravel, and at 22:45: U.S. Manufacturing/Services PMI.We will cautiously monitor the upside potential for the pound, which is trading firm ahead of the BOE 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.

Previous Article

With the CAD/JPY pair continuing to rise, all eyes are on whether it will hit a new high for the year

Next Article

Should We Be on Alert for Sharp Fluctuations in the U.S. Dollar Following Remarks by Fed Chair Powell?
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/Save" 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're 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" as shown 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
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for explanations 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 Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are taking notice.

polygon USDJPY

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

polygon XAUUSD

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 BTCUSD

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

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

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 that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

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

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for 4 hours.

Return to Notification Settings