Market Participants May Keep a Close Eye on the Pound as Resistance Levels Strengthen
10.05.2024
- UK Real GDP
- Japan Economic Watchers Survey
In the U.S. currency market yesterday, the U.S. dollar weakened against other currencies after the number of new U.S. unemployment insurance claims, released yesterday, rose to 231,000 from the previous figure of 208,000. The EUR/USD pair rose from 1.0723 to 1.0785.The pair rebounded as the 200-period SMA on the hourly chart acted as support. On the 4-hour chart, a rebound from the 75-period MA was observed, and while the 200-period SMA is currently acting as resistance on the daily chart, we will be watching closely to see if the U.S. dollar strengthens during U.S. trading hours.
Among European currencies, the pound weakened during U.S. trading hours. The euro/pound pair rose from 0.8590 to 0.8620. It rebounded after finding support at the 75-period moving average on the hourly chart.On the 4-hour chart, a steady rise along the 20-MA continues, and on the daily chart, the price has broken above the 200-SMA with a real body candle. We will be watching price action during European trading hours to see if the pound continues to weaken against the euro.
Today’s schedule includes the Japan Household Expenditure Survey at 8:30, Japan’s Balance of Payments at 8:50, Malaysia’s Industrial Production at 13:00, Japan’s Economic Watchers Survey at 14:00, the UK’s Real GDP at 15:00,Norway’s Consumer Price Index and UK Industrial Production, at 4:00 PM Turkey’s Industrial Production, at 8:15 PM remarks by UK MPC Member Pill, at 9:00 PM India’sIndustrial Production, Mexico’s Industrial Production, Canada’s Employment Statistics at 21:30, remarks by Fed Governor Bowman at 22:00, the University of Michigan Consumer Sentiment Index at 23:00, and remarks by Fed Vice Chair Barr at 26:00.We will carefully monitor the movement of the pound, which has faced resistance at higher levels.
Author: Keisuke Sakurai
