Should We Be Wary of Statements by Key Figures That Coincide with U.S. Trading Hours?
29.06.2021
- Remarks by Bahtman, President of the German Central Bank
- Remarks by ECB President Lagarde
Yesterday, stock prices rose in the U.S. market, with the S&P 500 posting a modest gain and hitting a new all-time high.The U.S. Dallas Fed Manufacturing Index for June (month-over-month), released yesterday, came in at 31.1, falling short of expectations but still maintaining a high level, indicating strength in the manufacturing sector. However, with COVID-19 cases resurging in Israel—which has the world’s highest vaccination rate—the market did not shift into a full “risk-on” mode.
In the foreign exchange market, the yen index stands at 90.4—its lowest level since March of this year—reflecting the yen’s weakness. However, cross-yen pairs are trending lower, with the euro/yen falling for the fifth consecutive day and currently trading around 131.7. The Canadian dollar/yen is also down, currently trading around 85.59.
Today’s economic indicators include the UK Nationwide House Price Index at 15:00, the French Consumer Confidence Index at 15:45, the Turkish Economic Confidence Index at 16:00, UK Mortgage Approvals at 17:30, the German Consumer Price Index (flash estimate) at 21:00,at 22:00, the U.S. S&P/Case-Shiller Home Price Index and the U.S. Home Price Index, remarks by U.S. Federal Reserve Bank of Richmond PresidentRichmond Fed President’s remarks; at 22:40, remarks by ECB President Lagarde; at 23:00, the U.S. Consumer Confidence Index; and at 25:00, remarks by Bundesbank President Weidmann are scheduled. While remaining vigilant about end-of-month price movements, we will be watching for direction in the U.S. dollar.
