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Should We Keep an Eye on Canada's First-Quarter Current Account Balance?

Market Report

Should We Keep an Eye on Canada’s First-Quarter Current Account Balance?

31.05.2021

Today's Highlights
  1. Canada: First-Quarter Current Account Balance
  2. Markets in the U.K. and the U.S. are closed

Last weekend, stock prices rose in both European and U.S. markets, leading to a trend of rising stock prices, a weaker U.S. dollar, and lower interest rates.Crude oil has been trading sideways in the $66.7 range, while the yield on the 10-year U.S. Treasury note has fallen to 1.59%. In contrast to the U.S. dollar, gold has risen, regaining the $1,900 level. The Nikkei 225 has fallen nearly 1% today and is currently trading around 28,852 yen.

The foreign exchange market is showing a slight trend toward yen appreciation, with cross-yen pairs falling gradually. The U.S. dollar, which had appeared to regain its upward momentum, lost steam starting last weekend (U.S. time) and is once again on a downward trend.The EUR/USD pair, which briefly fell to 1.213, staged a V-shaped recovery following the decline and is currently trading around 1.219 during Asian trading hours. Meanwhile, the Dollar Index was pushed back by its 20-day moving average and has fallen once again to around 90.05.

Today, Turkey’s first-quarter GDP is scheduled for 4:00 p.m., Germany’s Consumer Price Index (flash estimate) and South Africa’s trade balance for 9:00 p.m., and Canada’s first-quarter current account balance, industrial production, and raw materials price index for 9:30 p.m.Additionally, since the U.S. and U.K. markets are closed today, traders should watch for shifts in market trends as the session transitions from Asian to European trading hours.

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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