Investors should keep an eye on economic indicators scheduled for release in the U.S.
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 had little impact on stock prices.
With the foreign exchange market characterized by a trend of selling the yen and the U.S. dollar, the USD/JPY pair has been trading sideways, unlike other yen crosses.Although the key level of 110.00 has held, the pair 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 session, while CAD/JPY has hit a new high for the year at 88.3.
Today, major global markets in Europe, the U.S., Singapore, and Hong Kong are closed for Good Friday. The key events scheduled for today include the U.S. employment report at 9:30 p.m. and remarks by Raphael Bostic, President of the Atlanta Federal Reserve Bank, at midnight. While the closure of major markets raises concerns about reduced volatility, the increase in remote workers due to the pandemic means we should remain vigilant for price fluctuations typical of holidays driven by retail traders.
Author: Keisuke Sakurai
