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Will the Yen's Weakening Trend Continue?

Market Report

Will the Yen's Weakening Trend Continue?

10.05.2021

Today's Highlights
  1. Housing Prices in Halifax, UK
  2. U.S. Dollar Plummets

Last weekend, the Dow Jones Industrial Average and the S&P 500 hit all-time highs, with the market characterized by rising stock prices, a weaker U.S. dollar, and stable interest rates.The Dow Jones Industrial Average closed at $34,777, up 0.66% from the previous day. Meanwhile, as the U.S. dollar weakened, gold continued to rise, climbing from $1,810 to $1,840. The yield on the 10-year U.S. Treasury note is hovering around 1.59%.

In the foreign exchange market, the CAD/JPY pair plummeted following the release of Canadian employment data on the 7th, last weekend, falling from 89.7 to 89.0. However, it rebounded during today’s Asian trading session. The CAD/JPY pair has now recovered to the level it was at before the sharp drop triggered by the employment data and is poised to hit a new high for the year around 89.8.The USD/JPY pair is currently attempting to rise, hovering around 108.8.

Today, Turkey’s unemployment rate is scheduled for 4:00 p.m., the UK’s Halifax house price index for 4:30 p.m., and remarks by Charles Evans, President of the Chicago Fed, are scheduled for 3:00 a.m.Other than these, no other major economic indicators are scheduled for release today. Since there are no notable economic releases this week, trends that have already emerged may continue, so we should carefully monitor price movements.

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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