Keep an eye on key economic indicators in the U.S.
01.07.2021
- U.S. Initial Jobless Claims
- MIS Manufacturing Index
Yesterday, European markets fell across the board, while U.S. markets closed mixed, resulting in a trading session characterized by flat stock prices, flat interest rates, and a stronger U.S. dollar. WTI crude oil traded sideways around $73.80, while gold rebounded, recovering to the $1,774 level.
In the foreign exchange market, the U.S. dollar continued to rise as the U.S. ADP National Employment Report released yesterday came in stronger than expected, despite resistance at higher levels for the 10-year Treasury yield. The GBP/USD pair fell from 1.387 to 1.379. The AUD/USD pair also declined, dropping from yesterday’s high of 0.752 to 0.748.
Today’s key economic indicators include German retail sales at 3:00 PM during Asian trading hours, the Swiss Consumer Price Index at 3:30 PM, remarks by ECB President Lagarde at 4:00 PM during European trading hours, remarks by BOE Governor Bailey at 5:00 PM, the UK Manufacturing PMI (final reading) at 5:30 PM,8:30 PM: U.S. Challenger Job Cuts, 9:30 PM U.S. time: U.S. Initial Jobless Claims, 10:45 PM: U.S. Manufacturing PMI (final reading),11:00 PM: US ISM Manufacturing PMI and US Construction Spending; 11:30 PM: US Weekly Natural Gas Inventories; 3:00 AM: Remarks by Bostic, President of the Atlanta Fed. I intend to monitor price movements while keeping an eye on the correlation between the US dollar—which is beginning to show a clear direction—and European currencies.
Author: Keisuke Sakurai
