Will the Australian Dollar Continue to Rise?
02.09.2021
- U.S. Initial Unemployment Insurance Claims
- Challenger's Projected U.S. Job Cuts
Yesterday, stock prices rose in the U.S. market, resulting in a market environment characterized by higher stock prices, lower interest rates, and lower crude oil prices. WTI crude oil plunged during U.S. trading hours yesterday and is now in the $68.2 range. Gold has been trading sideways just above $1,800 and is currently at $1,813.
In the foreign exchange market, Oceania currencies continue to hold their ground, and the AUD/JPY pair is rising at a steeper angle than other yen crosses. The AUD/JPY is currently at 80.9, and the focus will be on whether it can break above its recent high of 81.58.The AUD/USD pair is showing an even more pronounced upward trend, supported on the downside by the 20-period moving average on the hourly chart, and is currently trading around 0.736.
Today’s economic indicators include the Swiss Consumer Price Index and retail sales at 15:30, the Eurozone Producer Price Index at 18:00, the U.S. Challenger Layoff Announcements at 20:30, the Canadian trade balance and housing permits at 21:30,U.S. Initial Jobless Claims, U.S. Trade Balance, and U.S. Second-Quarter Nonfarm Labor Productivity (final reading),at 23:00: U.S. Manufacturing Orders Index; at 23:30: U.S. Weekly Natural Gas Inventories; at 26:00: Remarks by Bostic, President of the Atlanta Fed; and at 28:00: Remarks by Daly, President of the San Francisco Fed.Ahead of tomorrow’s U.S. employment report, I intend to closely monitor the strength and weakness of the U.S. dollar against other currencies.
Author: Keisuke Sakurai
