All Eyes on U.S. Employment Data
07.05.2021
- U.S. Employment Report
- U.S. – Barkin: Remarks by the President of the Richmond Federal Reserve Bank
Yesterday, U.S. stock markets continued to rise, albeit modestly, with the S&P 500 closing at 4,201 points, up 0.82% from the previous day. Amid a trend of rising stock prices, a weaker dollar, and lower interest rates, crude oil fell slightly, 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%—GBP/JPY fell briefly immediately after the release but is attempting to rise again during today’s Asian trading session. GBP/JPY is currently trading around 151.7.
Today, during European trading hours, German industrial production and trade balance figures will be released at 15:00, followed by French industrial production and the French manufacturing production index at 15:45, and the UKConstruction PMI, at 19:00 a statement by ECB President Lagarde, at 20:15 a statement by BOE Deputy Governor Broadbent, and during U.S. trading hours at 21:30 U.S. and Canadian employment reports, at 22:00 a statement by Richmond Fed President Barkin, and at 23:00 the Canadian Ivey PMI.Today’s U.S. employment report is expected to show nonfarm payrolls of 1 million, and strong figures are anticipated. We will continue to monitor the situation closely to see how the U.S. dollar reacts to the results.
Author: Keisuke Sakurai
