Market Participants May Be on Guard for Economic Indicators Scheduled During U.S. Trading Hours
04.06.2021
- Remarks by U.S. Federal Reserve Chair Powell
- U.S. Employment Report
Yesterday, the three major U.S. stock indices all fell, with the S&P 500 closing at 4,192, down 0.36% from the previous day.WTI crude oil fell slightly from yesterday’s high and is currently trading around 68.8. U.S. long-term bonds rose again and are now in the 1.623% range. Gold fell by about 400 pips yesterday and is currently in the $1,866 range.
In the foreign exchange market, the USD/JPY pair rose, touching the key level of 110.00. It is currently trading around 110.25.Today’s U.S. employment report is expected to show a bullish figure of 674,000 new nonfarm payroll jobs. Depending on the results, the pair could rise further, so it’s best to avoid excessive contrarian trading.
Today, at 16:00 European time, we have remarks by New Zealand’s RBNZ Governor O’Ra and Switzerland’s SNB Governor Jordan; at 17:30, the UK Construction PMI; at 18:00, Eurozone retail sales;at 20:00, remarks by ECB President Lagarde and Fed Chair Powell are scheduled. As we move into U.S. trading hours, at 21:30, the Canadian employment report and U.S. employment report will be released,at 23:00, the Canadian Ivey PMI and U.S. Manufacturing Orders, and at 23:15, remarks by U.S. President Biden. We will monitor price movements while paying close attention to today’s economic data releases.
