Attention May Turn to Remarks by the Governor of the Bank of England and Key Officials at the Federal Reserve
11.05.2021
- Remarks by Bank of England Governor Bailey
- The Pound Is the Strongest Currency
Yesterday, the three major U.S. stock indices all fell, with the S&P 500 closing at 4,188 points, down 1.04% from the previous day. The Dow Jones Industrial Average, which had recently hit a new high, fell for the first time in three trading days.In addition, copper prices have hit a new record high, and aluminum is trading near its highest level in three years.
In the foreign exchange market, the euro has been weakening, with the euro-dollar exchange rate falling to 1.212. The euro has also declined against the pound and the yen. However, since vaccination efforts in Europe—which had lagged behind those in the U.S.—are gradually gaining momentum, and an economic recovery in Europe is expected, investors should be cautious about chasing the market down too aggressively.
Today’s schedule includes Turkey’s industrial production and current account balance at 16:00, Germany’s ZEW Economic Sentiment Survey at 18:00, the U.S. NFIB Small Business Optimism Index at 19:00, the U.S. JOLTS Job Openings and Labor Turnover Survey at 23:00, and at 23:30, the UK’sremarks by BOE Governor Bailey and remarks by U.S. NY Fed President Williams; at 25:00, remarks by Fed Governor Brainard; at 26:00, the U.S. 3-year Treasury auction and remarks by U.S. San Francisco Fed President Daily;Speech by San Francisco Fed President Daily, and at 26:00, a speech by Atlanta Fed President Bostic are scheduled. I intend to carefully monitor how today’s economic data releases and key figures’ remarks will affect currency strength.
Author: Keisuke Sakurai
