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All eyes are on whether the weakening pound will recover during U.S. trading hours

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All eyes are on whether the weakening pound will recover during U.S. trading hours

01.07.2025

Today's Highlights
  1. European Manufacturing PMI
  2. U.S. ISM Manufacturing Index

In U.S. currency trading yesterday, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 105.231 to 105.936. It recovered from the -2σ to +2σ levels on the hourly Bollinger Bands. On the 4-hour chart, the 200 EMA is acting as a support level, and the pair is trending higher.On the daily chart, the pair is currently searching for direction just below the 20-day moving average (20MA), so we should pay close attention to any shifts in strength or weakness during today’s U.S. trading session.

Among European currencies, the pound weakened from European trading hours through U.S. trading hours. The pound/yen pair fell as the euro/yen pair rose.It fell from 198.447 to 197.214. On the 4-hour chart, the pair has rebounded from the +2σ to the -2σ levels of the Bollinger Bands, and the daily chart shows a similar price movement to the 4-hour chart. We will need to watch closely to see if the decline continues during today’s European trading session.

Today’s schedule includes New Zealand housing permits at 7:45, the Bank of Japan’s Tankan survey at 8:50, Japan’s Consumer Sentiment Index at 14:00, the UK’s Nationwide House Price Index at 15:00, and Germany’sEmployment Statistics and Germany’s Manufacturing PMI; at 17:00, the Eurozone Manufacturing PMI; at 17:30, the UK Manufacturing PMI; at 18:00, the Eurozone Manufacturing PMI; at 22:30, the EurozoneRemarks by ECB President Lagarde, Remarks by BOJ Governor Ueda, Remarks by Fed Chair Powell, U.S. PMI at 22:45, U.S. ISM Manufacturing Index at 23:00, U.S. JOLTS Job Openings, and U.S. Construction Spending are scheduled.We’ll be watching to see if the pound, which has been trading lower, recovers during U.S. trading hours.

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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