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Market Participants May Be on Guard for Remarks by a Fed Governor During U.S. Trading Hours

Market Report

Market Participants May Be on Guard for Remarks by a Fed Governor During U.S. Trading Hours

03.08.2021

Today's Highlights
  1. U.S. Manufacturing Orders Index
  2. Remarks by U.S. Federal Reserve Board Member Bowman

Yesterday, U.S. stock prices were mixed, resulting in a market characterized by flat stock prices, lower interest rates, and a weaker U.S. dollar.The Russell 2000 fell slightly to 2,215. U.S. June construction spending, released yesterday, came in 0.1% below market expectations; while the residential construction sector grew, the non-residential sector—including gas and oil well drilling—declined.

In the foreign exchange market, European currencies and the U.S. dollar are locked in a tug-of-war, with the euro/dollar pair rising to 1.189 before falling back to 1.186. The pair is forming higher lows and lower highs, indicating price action that is still searching for direction.GBP/USD has fallen slightly, but the 200-period moving average (MA) is acting as support on the 4-hour chart, so the focus is likely to be on whether the pair will break below the support level of 1.386. Meanwhile, AUD/USD has risen slightly and is currently trading around 0.736.

Today’s economic indicators include Turkey’s Consumer Price Index and Producer Price Index at 4:00 p.m., the Eurozone Producer Price Index at 6:00 p.m., the U.S. Manufacturing Orders Index at 11:00 p.m., and remarks by Federal Reserve Governor Bowman at 3:00 a.m.We will be closely monitoring how the August market—which opened with yen buying—will move ahead of this weekend’s U.S. employment report.

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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