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All Eyes on U.S. Employment Data?

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All Eyes on U.S. Employment Data?

07.05.2021

Today's Highlights
  1. U.S. Employment Report
  2. U.S. - Birkin: Remarks by the President of the Richmond Federal Reserve Bank

Yesterday, the U.S. stock market continued to rise, albeit slightly, with the S&P 500 closing at 4,201 points, up 0.82% from the previous day.With stocks rising, the dollar weakening, and interest rates falling, crude oil edged lower, while gold rose by about 350 pips to the $1,822 range.

In the foreign exchange market, the yen is trading slightly weaker, and cross-yen pairs are trending higher. Following yesterday’s announcement of the policy interest rate—which was kept at 0.1%—the GBP/JPY pair fell briefly immediately after the announcement but is attempting to rebound again during today’s Asian trading session. GBP/JPY is currently trading around 151.7.

Today’s schedule includes German industrial production and trade balance at 15:00 European time, French industrial production and the French manufacturing production index at 15:45, the UK construction PMI at 17:30, remarks by ECB President Lagarde at 19:00, and at 20:15, the UKremarks by BOE Deputy Governor Broadbent, and during U.S. trading hours at 21:30, U.S. and Canadian employment reports; at 22:00, remarks by U.S. Richmond Fed President Barkin; and at 23:00, the Canadian Ivey Purchasing Managers’ Index.For today’s U.S. employment report, the forecast for nonfarm payrolls stands at 1 million, and a strong figure is expected. We will continue to monitor the situation closely to see how the U.S. dollar reacts to the results.

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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