Mester: Should We Pay Attention to the Cleveland Fed President's Remarks?
10.08.2021
- Mester: Remarks by the President of the Cleveland Federal Reserve Bank
- U.S. Second-Quarter Nonfarm Labor Productivity (Preliminary Estimate)
Yesterday, U.S. stock prices were mixed, and with the Japanese market closed, the market saw flat stock prices, higher interest rates, and higher commodity prices.The Russell 2000 fell about 0.5% to around 2,234. The fear index (VIX) rose slightly to 16.7. The Nikkei 225, which was closed yesterday, opened more than 0.1% higher.
The U.S. dollar continues to strengthen, 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 relative to the U.S. dollar changes depending on the results of the UK employment report scheduled for release next week.
Today’s schedule includes Turkey’s unemployment rate at 16:00, the German and European ZEW Economic Sentiment Surveys at 18:00, the U.S. NFIB Small Business Optimism Index at 19:00, and the U.S. second-quarter nonfarm labor productivity(flash estimate), at 23:00, remarks by U.S. Federal Reserve Bank of Cleveland President Mester, and at 26:00, a U.S. 3-year Treasury auction are scheduled. We will be watching closely to see if there will be any change in the strength of the U.S. dollar, which has been gaining ground since the release of the U.S. employment report.
Author: Keisuke Sakurai
