Market Participants May Be on Guard Amid Overlapping Economic Indicator Releases During U.S. Trading Hours
15.06.2021
- U.S. Retail Sales
- UK Employment Statistics
Yesterday, stock prices in both European and U.S. markets were mixed, resulting in a market characterized by flat stock prices, flat commodity prices, and rising interest rates. Gold, which had plummeted alongside the rise in the U.S. dollar, recovered to half of its losses and is currently trading around $1,862.The fear index (VIX) rose slightly to 16.39.
In the foreign exchange market, the pound is regaining momentum, and the GBP/JPY pair is currently attempting to rise, hovering around 155.37.From a technical perspective, the pair has already broken above the downtrend line on the 4-hour chart, and depending on the results of today’s UK employment report, a further rise is possible. However, the UK has just decided to extend the lockdown—which was scheduled to end on the 21st of this month—by four weeks, and the situation regarding the containment of the COVID-19 outbreak remains far from certain.
Today, the UK Employment Report and the German Consumer Price Index will be released at 15:00, the French Consumer Price Index (final reading) at 15:45, the Eurozone Trade Balance at 18:00, and U.S. Retail Sales at 21:30 U.S. time,the U.S. New York Fed Manufacturing Index and the U.S. Producer Price Index; at 22:00, Canadian existing home sales; at 22:15, U.S. industrial production and the U.S. capacity utilization rate; and at 23:00, U.S. business inventories and the U.S. NAHB Housing Market Index.I intend to closely monitor whether today’s economic data releases will cause any shifts in market trends.
Author: Keisuke Sakurai
