Market participants are likely to keep a close eye on the pound, which is facing resistance at higher levels

Market participants are likely to keep a close eye on the pound, which is facing resistance at higher levels

10.05.2024

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-MA is visible, and while the 200-SMA resistance lies overhead on the daily chart, we will be watching closely to see if 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 bullish 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, 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 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 02:00. We will closely monitor the pound’s movements as it faces resistance on the upside.

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