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Should We Keep an Eye on the Manufacturing and Services PMIs?

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Should We Keep an Eye on the Manufacturing and Services PMIs?

23.04.2021

Today's Highlights
  1. The Canadian dollar is holding steady
  2. Europe and the U.S.: Manufacturing/Services PMI

Yesterday, the three major U.S. stock indices all fell; the Nasdaq, which saw the sharpest decline, closed at 13,818 points, down 0.94% from the previous day. Bonds were in demand, and the yield on the 10-year U.S. Treasury note recovered to the high 1.55% range.Crude oil settled at $61, while gold, after falling by about 100 pips yesterday during U.S. trading hours, has rebounded during today’s Asian trading session. Gold is currently trading around 1,785.

In the foreign exchange market, the yen is showing slight strength, and cross-yen pairs are trending lower. The AUD/JPY pair fell from 83.8 to 83.0 before rebounding during today’s Asian trading session.Among the yen crosses, the Canadian dollar has seen the smallest decline. The CAD/JPY pair fell slightly from 86.7 to 86.2 before rebounding; since it has not established a new low, we should assess its strength relative to other currencies.

Today, UK retail sales will be released at 15:00, French manufacturing and services PMIs at 16:15, and Germanmanufacturing and services PMIs at 4:30 p.m., Eurozone manufacturing and services PMIs at 5:00 p.m., UK manufacturing and services PMIs at 5:30 p.m., and U.S. manufacturing and services PMIs at 10:45 p.m. Since these are all preliminary figures, be on the lookout for sudden price fluctuations.In addition, U.S. new home sales are scheduled for 11:00 PM. We will keep a close eye on today’s PMI data to see how price movements evolve over the weekend.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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