U.S. - Mester: Should We Pay Attention to the Cleveland Fed President's Remarks?

U.S. - Mester: Should We Pay Attention to the Cleveland Fed President's Remarks?

10.08.2021

Yesterday, U.S. stock markets saw mixed trading, and with the Japanese market closed, the overall market trend was characterized by flat stock prices, rising interest rates, and higher commodity prices. The Russell 2000 fell about 0.5% to around 2,234. The VIX (fear index) rose slightly to 16.7. The Nikkei 225, which was closed yesterday, opened up more than 0.1%.

The U.S. dollar remains strong, and the GBP/USD pair has fallen from 1.389 to 1.385. From a technical perspective, both the highs and lows on the daily chart are declining, and the weekly chart appears to be forming a triple top. We will be watching to see if the strength of the U.S. dollar relative to the pound changes depending on the results of the UK employment data scheduled for release next week.

Today, Turkey’s unemployment rate is scheduled for 4:00 PM, the German and Eurozone ZEW Economic Sentiment Surveys for 6:00 PM, the U.S. NFIB Small Business Optimism Index for 7:00 PM, and the U.S. second-quarter nonfarm labor productivity (flash estimate) for 9:30 PM.at 11:00 PM, remarks by Mester, President of the Cleveland Fed; and at 2:00 AM, a U.S. 3-year Treasury auction. We will be closely monitoring whether there will be any shift in the strength of the U.S. dollar, which has been dominant since the release of the U.S. jobs report.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran