Keep an eye on U.S. initial jobless claims

Keep an eye on U.S. initial jobless claims

03.06.2021

Yesterday, stock prices rose slightly in both European and U.S. markets, with the Nasdaq closing at 13,756, up 19.8 points from the previous day. WTI crude oil rose to the $69.3 range and is gaining momentum toward the $70 mark. Gold appears to be forming a chart pattern suggesting a corrective decline from the $1,916 high reached the day before yesterday.

In the foreign exchange market, cross-yen pairs are trading within a very narrow range, with no clear trend evident in any currency pair. The EUR/JPY, which fell during yesterday’s European session, has been trending higher during today’s Asian session and is currently trading around 133.88. The EUR/GBP, another European currency pair, is also trading sideways around the 0.858–0.867 range, with price action suggesting the market is searching for direction.

Today’s economic indicators include Turkey’s Consumer Price Index and Producer Price Index at 4:00 PM, and the U.S. Challenger Job Cuts Report at 8:30 PM. The European Services PMI is scheduled for release between 4:50 PM and 5:30 PM, but as these are final figures, their impact is likely to be limited.As U.S. trading hours begin, the U.S. ADP National Employment Report is scheduled for 9:15 PM, followed by U.S. Initial Jobless Claims and the U.S. Q1 Nonfarm Productivity (final reading) at 9:30 PM.the U.S. ISM Non-Manufacturing PMI at 11:00 PM, U.S. weekly crude oil inventories at midnight, remarks by Bank of England Governor Bailey at 1:00 AM, and remarks by Atlanta Fed President Bostic at 1:30 AM. We will monitor price movements while keeping a close eye on U.S. interest rate trends amid inflation concerns.