Core Viewpoint - The report from Société Générale suggests that the British pound may face downward pressure against the euro due to its strong performance since the beginning of the year being perceived as excessive [1] Group 1: Market Sentiment - The market previously misjudged the expectations of a significant interest rate cut by the Bank of England, leading to an overly pessimistic sentiment regarding the UK economy [1] - This misjudgment has recently been corrected, resulting in a weakening support for the pound [1] Group 2: Economic Growth Expectations - Growth expectations in the Eurozone are rising relative to those in the UK [1] - Historical trends indicate that the euro to pound exchange rate typically follows the differences in growth expectations between the two regions [1]

Core Viewpoint - The USD/JPY exchange rate is experiencing slight fluctuations, with concerns over the U.S. government shutdown and potential intervention by Japanese authorities limiting further losses for the yen [1][2]. Group 1: Market Movements - As of November 4, the USD/JPY is trading around 154.1900, down 0.01% from an opening price of 154.2100, maintaining the previous day's closing level [1]. - The Federal Reserve's potential decision to keep interest rates unchanged in December has contributed to a slight increase in the USD/JPY [1]. Group 2: Economic Concerns - There are worries regarding the economic risks associated with a prolonged U.S. government shutdown, which may impact market sentiment [1]. - Speculation about possible intervention by Japanese authorities to prevent further depreciation of the yen is also influencing market dynamics [1]. Group 3: Technical Analysis - A technical breakout above the 153.25-153.30 resistance and the psychological level of 154.00 is seen as a key trigger for bullish sentiment in USD/JPY [2]. - Indicators on the daily chart remain comfortably in positive territory, supporting a potential move towards mid-term resistance levels of 154.75-154.80 and the psychological barrier of 155.00 [2]. - Any corrective pullback below 154.00 may find support around the previous low of approximately 153.65, with further support levels at 153.30-153.25 and 153.00 [2].

Core Viewpoint - The euro to US dollar exchange rate is likely to maintain an upward trend as momentum improves, according to market strategists from UOB Global Economics and Markets Research [1]. Summary by Relevant Sections - **Market Trend** - The euro/USD pair is expected to sustain its upward momentum as long as it remains above the 55-day exponential moving average [1]. - **Price Levels** - The currency pair is anticipated to retest this year's high of 1.1573, although it may be premature to expect this level to be reached soon [1].