Will the pound, which has been weakening, stage a recovery? All eyes are on price movements during U.S. trading hours.
11.03.2025
- Japan: GDP Deflator
- U.S. JOLTS Job Openings
The U.S. dollar traded in a narrow range against the euro yesterday.The EUR/USD pair traded between 1.0804 and 1.0873, fluctuating around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair continues to trade above the 20-period MA, while on the daily chart, the RSI has reached 73 and has broken through the upper resistance zone formed by the 200-period MA in one go. We will need to watch for any directional shifts, particularly whether a temporary correction occurs on the longer-term charts during European trading hours.
Among European currencies, the pound weakened, following the trend set by the Oceania currencies. The GBP/JPY pair fell from 191.086 to 189.189. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price has pulled back from the 200-period simple moving average (SMA), and on the daily chart, the 200-period exponential moving average (EMA) is acting as a strong resistance level. We will be watching closely to see if the pound’s weakness continues during U.S. trading hours.
Today’s economic indicators include: Japan’s Household Expenditure Survey and Australia’s Westpac Consumer Confidence Index at 8:30; Japan’s second preliminary estimate of real GDP, GDP deflator, and money supply at 8:50; the UK’s BRC same-store sales at 9:01; and Australia’sNAB Business Conditions Survey, at 15:00 Japan’s Machine Tool Orders, at 19:00 the U.S. NFIB Small Business Optimism Index, at 23:00 the U.S. JOLTS Job Openings, and at 02:00 the U.S. 3-Year Treasury Auction. We will be watching price movements during U.S. trading hours to see if the pound, which has been weakening, will recover.
Author: Keisuke Sakurai
