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Should we keep an eye on the strength of the Australian dollar?

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Should we keep an eye on the strength of the Australian dollar?

01.06.2021

Today's Highlights
  1. MIS Manufacturing Index
  2. Remarks by U.S. Federal Reserve Vice Chair Quarles

Although U.S. markets were closed yesterday, European stocks fell, with the Euro Stoxx 50 closing at 4,039, down 0.76% from the previous day. Meanwhile, both WTI and Brent crude oil prices have surpassed $70, reflecting a global trend of rising oil prices. As vaccination efforts progress and restrictions on business hours for restaurants and other establishments are being eased, the effects of lifting pandemic-related restrictions appear to be gradually becoming apparent.

The foreign exchange market is shifting back from a yen-strengthening trend to a yen-weakening trend, with the AUD/JPY pair showing particularly strong gains among the yen crosses. The AUD/JPY pair, ahead of today’s RBA policy rate announcement, has risen from 84.6 to 84.9. Today’s policy rate announcement could trigger further gains. Meanwhile, the AUD/USD pair is showing even stronger momentum and is currently trading around 0.776.

Today’s schedule includes UK Nationwide house prices at 3:00 PM, Swiss retail sales at 3:30 PM, Swiss Q1 GDP at 4:00 PM, German unemployment rate at 4:55 PM, UK Manufacturing PMI (final) at 5:30 PM, Eurozone Consumer Price Index (flash estimate) at 6:00 PM,at 9:30 PM, Canadian GDP; at 11:00 PM, the U.S. ISM Manufacturing PMI and remarks by U.S. Federal Reserve Vice Chair Quarles; at 12:00 AM, remarks by Bank of England Governor Bailey; and at 3:00 AM, remarks by U.S. Federal Reserve Governor Brainard. We will be watching closely to see if today’s economic releases will shift currency strength.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. I specialize in technical and fundamental analysis, drawing on my extensive experience.

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