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Should We Keep an Eye on the Strength or Weakness of the Australian Dollar?

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Should We Keep an Eye on the Strength or Weakness of the Australian Dollar?

01.06.2021

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

Although U.S. markets were closed yesterday, European stock prices fell, and the Euro 50 closed at 4,039, down 0.76% from the previous day. Additionally, both WTI and North Sea Brent crude oil prices surpassed $70, reflecting a global trend of rising crude oil prices.As vaccination efforts progress and operating hours for restaurants and other businesses are being relaxed, the effects of lifting COVID-19 restrictions appear to be gradually becoming apparent.

The foreign exchange market is shifting back from a yen-strengthening trend to a yen-weakening trend, and among the cross-yen pairs, the AUD/JPY pair in particular is showing a significant rise.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 lead to further gains. Meanwhile, the AUD/USD pair is showing even stronger momentum and is currently trading around 0.776.

Today, at 15:00, the UK Nationwide House Price Index; at 15:30, Swiss retail sales; at 16:00, Swiss Q1 GDP; at 16:55, the German unemployment rate; at 17:30, the UK Manufacturing PMI (final reading);6:00 PM: Eurozone Consumer Price Index (flash estimate),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.I intend to watch the situation carefully to see if today’s economic data releases will shift currency strength dynamics.

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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