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All Eyes on ECB President Lagarde’s Remarks

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All Eyes on ECB President Lagarde’s Remarks

09.07.2021

Today's Highlights
  1. U.S. Wholesale Inventories (Final Figures)
  2. Remarks by ECB President Lagarde

Yesterday, the three major U.S. stock indices all fell, leading to a market environment characterized by falling stock prices, a stronger yen, and lower interest rates.U.S. initial jobless claims released yesterday came in at 373,000, a slight increase from the previous three weeks and higher than the forecast of 350,000. Combined with falling yields on long-term U.S. Treasuries, this led to an overall risk-off sentiment.

In the foreign exchange market, while the U.S. dollar is showing signs of weakness against the yen, it is maintaining its strength against European currencies, causing the euro/dollar exchange rate to remain range-bound.At yesterday’s press conference, ECB President Lagarde explicitly stated that “the 2% inflation target is not a ceiling,” signaling a willingness to tolerate inflation slightly above 2%. Since the EUR/USD pair is approaching the lower end of its range, around 1.17, on a daily chart, we will be watching its future movements closely.

Today, the UK GDP and UK industrial production figures are scheduled for 15:00 during Asian trading hours; Turkey’s current account balance is scheduled for 16:00 during European trading hours; remarks by Bank of England Governor Bailey and European Central Bank President Lagarde are scheduled for 19:00; and the UKtrade balance and UK goods trade balance at 20:00, and during U.S. trading hours, Canadian unemployment rate and net employment change at 21:30, and U.S. wholesale inventories (final reading) at 23:00. We will carefully assess price movements over the weekend while keeping a close eye on the balance between U.S. and European currencies.

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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