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 Productivity (Preliminary Estimate)
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 continues to strengthen, with the GBP/USD pair falling 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. Q2 Nonfarm 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. employment report.
Author: Keisuke Sakurai
