All eyes are on U.S. President Biden's press conference
25.03.2021
- Press conference by U.S. President Biden (time to be determined)
- U.S. Initial Jobless Claims
Yesterday, stock prices fell in both European and U.S. markets, leading to lower stock prices, a weaker U.S. dollar, and higher interest rates. Additionally, following the announcement that Bitcoin could be used to purchase Tesla vehicles, BTC rose temporarily but ultimately fell back to the 5.6 million yen range.
In the foreign exchange market, the euro-dollar pair, which had fallen to around the 200-day simple moving average (SMA) on the daily chart, is rebounding near 1.182. This appears to be influenced by yesterday’s manufacturing PMI reading of 62.4, which was stronger than expected. However, given concerns about a resurgence of infections—including those caused by new COVID-19 variants—we need to closely monitor the market for any potential turning points in currency dynamics.
Today’s schedule includes remarks by Bank of England Governor Bailey at 4:00 PM, the Swiss National Bank’s (SNB) policy rate decision and statement at 5:30 PM, the ECB’s monthly report, remarks by ECB President Lagarde, and remarks by Bundesbank President Weidmann at 6:00 PM. At 9:30 PM, U.S. initial jobless claims and personal consumption data are scheduled,and at 11:30 PM, U.S. weekly natural gas inventories and remarks by New York Fed President Williams. Additionally, although the time is yet to be determined, President Biden’s first press conference since taking office is also scheduled. We will be watching closely to see what views he expresses regarding the current state of the COVID-19 pandemic.
Author: Keisuke Sakurai
