All Eyes on U.S. ADP National Employment Report

All Eyes on U.S. ADP National Employment Report

05.05.2021

Yesterday, the three major U.S. stock indices all fell, resulting in a market environment characterized by lower stock prices, a flat U.S. dollar, and lower interest rates. Meanwhile, the fear index (VIX) has risen to 19.4, and crude oil prices have climbed to the $66.4 range.In an interview with U.S. Treasury Secretary Yellen released yesterday, she expressed the view that “interest rates are likely to rise,” which the market took negatively.

In the foreign exchange market, the USD/JPY pair fell slightly during today’s Asian trading session and is currently trading around 109.2. However, since it remains above the 20-day moving average on the daily chart, one should not expect an excessive decline. While yen crosses are showing a slight downward trend, Oceania currencies appear to be holding up well.The AUD/JPY pair is currently hovering around 84.5, biding its time for another upward move.

Today, at 4:50 p.m., the French Services PMI (final reading),at 4:55 p.m., the German Services PMI (final reading); at 6:00 p.m., the Eurozone Producer Price Index; at 8:00 p.m., the U.S. MBA Mortgage Applications Index; at 9:15 p.m., the U.S. ADP National Employment Report; at 10:30 p.m., remarks by U.S. Federal Reserve Bank of Chicago President Evans:remarks by the President of the Chicago Fed, at 10:45 PM the U.S. Services PMI (final reading), at 11:00 PM the U.S. ISM Non-Manufacturing Index, at 11:30 PM U.S. weekly crude oil inventories, and at 4:00 AM the remarks by Evans, President of the Chicago Fed.I plan to monitor price movements closely while keeping an eye on the economic indicators scheduled for release during U.S. trading hours.