Attention May Turn to the U.S. 3-Year Treasury Auction
08.06.2021
- U.S. 3-Year Treasury Auction
- Germany: Industrial Production
Yesterday, the three major U.S. stock indices posted mixed results; while other indices fell, the Nasdaq closed at 13,881 points, up 0.49% from the previous day.This reflected growing expectations for a return to normal economic activity, driven by the steady progress of the vaccination rollout and a decline in the number of new COVID-19 cases.
After starting the week with a trend toward yen appreciation, the foreign exchange market has stabilized somewhat, and cross-yen pairs are once again rising slightly during today’s Asian trading session. However, GBP/JPY, currently trading around 154.9, has been testing lower lows, and caution is warranted as a break below the 20-day moving average on the daily chart could signal the start of a downtrend.
Today, Germany’s industrial production is scheduled for 15:00 during Asian trading hours, followed by the German ZEW Economic Sentiment Survey and the Eurozone’s first-quarter GDP (final reading) at 18:00 during European trading hours,at 19:00, the U.S. NFIB Small Business Optimism Index; at 21:30, the U.S. and Canadian trade balances and the U.S. trade balance;at 22:00, remarks by UK MPC member Holden; at 23:00, the U.S. JOLTS survey; and at 26:00, a U.S. 3-year Treasury auction. We will monitor trends in U.S. Treasury yields while assessing the relative strength of various currencies.
Author: Keisuke Sakurai
