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Caution Over U.S. ISM Non-Manufacturing PMI Results?

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Caution Over U.S. ISM Non-Manufacturing PMI Results?

06.07.2021

Today's Highlights
  1. U.S. ISM Non-Manufacturing Purchasing Managers' Index
  2. U.S. Services PMI (Final Reading)

Yesterday, European markets saw rising stocks, a weaker euro, and flat commodity prices. With U.S. markets closed, trading was characterized by low volatility. The Fear Index (VIX) has settled at a low level of 15.0. Gold is rising toward its 20-day moving average and is trading around $1,798.

In the foreign exchange market, cross-yen pairs are rebounding, with the AUD/JPY—an Oceania currency pair—showing a particularly sharp rise. On the daily chart, AUD/JPY has been forming higher lows, and during today’s Asian trading session, it has risen to around 83.8, just above the 20-day moving average.Today’s RBA policy rate announcement could help establish a clearer direction. With crude oil prices surging, this is a phase where we should keep a close eye on the trajectory of commodity-linked currencies.

Today, at 15:00 Asia time, German manufacturing orders and remarks by RBA Governor Lowe of Australia are scheduled; during European trading hours, at 17:30, the UK Construction PMI; at 18:00, the German ZEW Economic Sentiment Survey, the Eurozone ZEW Economic Sentiment Survey, and Eurozone retail sales;and during U.S. trading hours at 22:45, the U.S. Services PMI (final reading), and at 23:00, the U.S. ISM Non-Manufacturing Index are scheduled. The market consensus for the U.S. ISM is 63.5. While keeping an eye on the U.S. economic data releases, we will closely monitor the direction of the U.S. dollar.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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