Should We Keep an Eye on U.S. Initial Jobless Claims?
03.06.2021
- U.S. Initial Unemployment Insurance Claims
- Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
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 is showing 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 strength or weakness 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 in the 0.858–0.867 range, with price action seeking direction.
Today’s economic indicators include Turkey’s Consumer Price Index and Producer Price Index at 16:00, and the U.S. Challenger Job Cuts Report at 20:30. The European Services PMI is scheduled for release between 16:50 and 17:30, but since 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 21:15, followed by U.S. initial jobless claims and the U.S. first-quarter nonfarm labor productivity (final reading) at 21:30,the U.S. ISM Non-Manufacturing Index at 23:00, U.S. weekly crude oil inventories at 24:00, remarks by Bank of England Governor Bailey at 25:00, and remarks by Atlanta Fed President Bostic at 25:30.We will monitor price movements while keeping a close eye on U.S. interest rate trends amid inflation concerns.
