All Eyes on U.S. Initial Jobless Claims
01.04.2021
- Cross-yen pairs are in a correction phase
- Crude Oil Prices Fall, Gold Prices Rise
Yesterday, the S&P 500 and the Nasdaq rose on the U.S. markets, with the Nasdaq closing at 13,246, up 201 points from the previous day. The release of the Chicago Purchasing Managers' Index, which came in at 66.3—exceeding the forecast of 61.0—was also well received.
In the foreign exchange market, the Dollar Index—which had been on the rise—is now consolidating around 93.2, while the USD/JPY pair touched 110.96 before entering a gradual downtrend. Since cross-yen pairs are generally undergoing a corrective decline, traders should wait for the right timing before entering new long positions.
Today, at 15:00, German retail sales and Swiss CPI and retail sales will be released; at 16:00, the Turkish Manufacturing PMI; at 16:30, the Swiss Manufacturing PMI; at 16:50, the French Manufacturing PMI (final reading);at 5:30 PM, the UK Manufacturing PMI (final reading); at 9:30 PM, U.S. initial jobless claims; at 11:00 PM, the U.S. ISM Manufacturing Index; and at 2:00 AM, remarks by Harker, President of the Federal Reserve Bank of Philadelphia.Ahead of tomorrow’s U.S. employment report, we will be closely watching to see how long the U.S. dollar’s momentum will last.
Author: Keisuke Sakurai
