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Caution Over Price Movements During European Trading Hours?

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Caution Over Price Movements During European Trading Hours?

06.04.2021

Today's Highlights
  1. IMF Economic Outlook
  2. Australia: RBA Policy Rate Announcement

Yesterday, European markets were closed for a holiday, while U.S. markets saw rising stock prices, a weaker U.S. dollar, and lower interest rates. With all three major stock indices rising, the Dow Jones Industrial Average and the S&P 500 hit new all-time highs.Crude oil fell below the $60 mark, dropping about 2.7% during U.S. trading hours yesterday and briefly dipping into the $57 range, though it is currently trading around $59.4. Gold rose and is trading in the $1,730 range.

In the foreign exchange market, the USD/JPY pair fell to 109.9 during U.S. trading hours yesterday amid a decline in U.S. long-term bond yields.It is currently trading around 110.3. Although reports emerged that the U.S. investment firm Berkshire Hathaway has begun preparations to issue yen-denominated corporate bonds, this does not appear to have had a significant impact on cross-yen pairs. Incidentally, the maturities of the corporate bonds Berkshire is considering are 5, 10, 15, and 20 years.

Today, the Eurozone unemployment rate is scheduled to be released at 6:00 p.m., and the U.S. JOLTS survey at 11:00 p.m. Since European traders will be returning to the market after the long weekend, we should pay close attention to price movements during European trading hours.Additionally, with the IMF’s economic outlook and the release of the FOMC minutes scheduled for tomorrow, we should carefully monitor the strength and weakness of various currencies.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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