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With Tomorrow's U.S. Employment Report on the Horizon, All Eyes Are on the U.S. Dollar

Market Report

With Tomorrow's U.S. Employment Report on the Horizon, All Eyes Are on the U.S. Dollar

06.05.2021

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. Remarks by ECB President Lagarde

Yesterday, stock prices rose in the U.S. market, resulting in a scenario of higher stock prices, a flat U.S. dollar, and lower interest rates.European markets also rose, with France’s CAC 40 reaching its highest level since 2000. The U.S. 10-year Treasury yield fell slightly and is currently around 1.58%. Gold is trading in the $1,790 range, near the upper end of its trading range.

In the foreign exchange market, among the yen crosses, USD/JPY and GBP/JPY are showing a gradual upward trend, with USD/JPY currently trading around 109.4 and GBP/JPY around 151.9. In contrast, EUR/JPY is trending downward and is trading around 131.2.EUR/USD is finding support at the 200-period EMA on the 4-hour chart, and the market is now at a critical juncture to see if the decline will halt around 1.19.

Today, the ECB’s monthly report is scheduled for 5:00 p.m., the UK Services PMI (final reading) for 5:30 p.m.,at 6:00 PM, the Eurozone Retail Sales report and remarks by RBA Governor Devel; at 8:00 PM, the UK BOE policy rate announcement and the Turkish TCMB policy rate announcement; at 8:15 PM, the EurozoneECB President Lagarde’s remarks, at 8:30 p.m. UK BOE Governor Bailey’s press conference, at 9:30 p.m. U.S. initial jobless claims and U.S. first-quarter nonfarm labor productivity (flash estimate),at 10:00 PM, remarks by U.S. Federal Reserve Bank of New York President Williams; and at 2:00 AM, remarks by U.S. Federal Reserve Bank of Atlanta President Bostic are scheduled. Ahead of tomorrow’s U.S. employment report, we will be watching to see if the strength of various currencies shifts.

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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