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Will the weakening pound rebound? All eyes are on price movements during European trading hours.

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Will the weakening pound rebound? All eyes are on price movements during European trading hours.

09.09.2024

Today's Highlights
  1. China Consumer Price Index
  2. Mexico Consumer Price Index

Last weekend, the Canadian dollar fell against the yen following the release of Canada’s August employment statistics on the 6th, which showed the unemployment rate had worsened by 0.2 percentage points from the previous month’s 6.4% to 6.6%. The CAD/JPY exchange rate dropped from 106.746 to 104.677.The hourly RSI fell to 28. On the daily chart, there have been four consecutive bearish candles, and on the weekly chart, the price has pulled back after touching the 75-day moving average; therefore, we should watch for continued weakness in the Canadian dollar.

Among European currencies, the pound was the weakest. The GBP/JPY pair fell from 189.507 to 186.423. It dropped from the +2σ to the -2σ levels on the hourly Bollinger Bands.During Asian trading hours at the start of the week, the pair saw a slight rebound, recovering to around 187.788. We will carefully monitor the situation to see if the pound will weaken again during European trading hours.

Today’s economic indicators include Japan’s balance of payments and second-quarter real GDP at 8:50; China’s producer price index and consumer price index at 10:30; Taiwan’s trade balance at 17:00;at 21:00, Mexico’s Consumer Price Index; at 23:00, U.S. Wholesale Inventories; at 28:00, U.S. Consumer Credit Balances; and at 7:45 the following day, New Zealand’s Q2 Manufacturing Sales. We’ll be watching price movements during European trading hours to see if the weak pound can recover.

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.

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Will the market wait and see how the U.S. dollar moves ahead of the U.S. CPI release?
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