Markets may be keeping a close eye on the pound, which is facing resistance at higher levels
10.05.2024
- UK Real GDP
- Japan Economic Watchers Survey
In yesterday’s U.S. currency markets, the U.S. dollar weakened against other currencies after the number of new U.S. unemployment insurance claims rose to 231,000 from the previous reading of 208,000. The EUR/USD pair rose from 1.0723 to 1.0785, rebounding as the 200-period simple moving average (SMA) on the hourly chart provided support.On the 4-hour chart, a rebound from the 75-day moving average (MA) is visible, and on the daily chart, the 200-day moving average (MA) is currently acting as resistance. We will be closely monitoring whether the US dollar strengthens during US trading hours.
Among European currencies, the pound weakened during U.S. trading hours. The EUR/GBP 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, the pair continues to rise steadily along the 20-period moving average, and on the daily chart, it has broken above the 200-period simple moving average with a real body. We will be watching price movements 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 Tankan Survey at 14:00, UK Real GDP at 15:00,Norway’s Consumer Price Index, UK Industrial Production, 4:00 PM Turkey’s Industrial Production, 8:15 PM UK MPC Member Pill’s remarks, 9:00 PM India’sIndustrial Production, Mexico’s Industrial Production, Canada’s Employment Report 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 02:00. We will closely monitor the pound’s movements as it faces resistance on the upside.
Author: Keisuke Sakurai
