Should We Pay Attention to Economic Indicators to Be Released in U.S. Time?
02.04.2021
- U.S. Employment Report
- Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
Yesterday, the U.S. market saw a “risk-on” environment characterized by rising stock prices, a stronger dollar, and lower interest rates, with the S&P 500 closing at a record high of 4,019 points. Although the number of new U.S. unemployment insurance claims released yesterday rose to 719,000—contrary to market expectations of 680,000—it did not have a significant impact on stock prices.
With the foreign exchange market showing a trend of selling the yen and the U.S. dollar, the USD/JPY pair has been trading sideways, unlike other yen crosses. Although it has held the key level of 110.00, it has fallen from its intraday high of 110.9 and is currently trading sideways around 110.6.In contrast, the British pound and the Canadian dollar are gaining momentum. GBP/JPY broke through 153.00 during today’s Asian trading session, while CAD/JPY hit a new high for the year at 88.3.
Today, major global markets—including those in Europe, the U.S., Singapore, and Hong Kong—are closed for Good Friday. The main events scheduled for today include the U.S. employment report at 21:30 and remarks by Bostic, President of the Atlanta Federal Reserve, at 24:00.While the market closures in major countries raise concerns about reduced volatility, the number of people working from home has increased due to the COVID-19 pandemic, so we should remain vigilant for price fluctuations typical of holidays caused by retail traders.
Author: Keisuke Sakurai
