Will the Australian dollar continue to rise?
02.09.2021
- U.S. Initial Jobless Claims
- Challenger Job Cuts Forecast (U.S.)
Yesterday, U.S. stock prices rose, leading to a market environment characterized by rising stock prices, falling interest rates, and lower crude oil prices. WTI crude oil plunged during U.S. trading hours yesterday and is now trading 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, with the AUD/JPY pair rising at a steeper angle than other yen crosses. The AUD/JPY is currently trading at 80.9, and the focus will be on whether it can break above its recent high of 81.58. The AUD/USD is showing an even more pronounced upward trend, supported 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 3:30 PM, the Eurozone Producer Price Index at 6:00 PM, the U.S. Challenger Job Cuts at 8:30 PM, the Canadian Trade Balance and Housing Starts, U.S. Initial Jobless Claims, U.S. Trade Balance, and U.S. Second-Quarter Nonfarm Productivity (final reading) at 9:30 PM,at 11:00 PM: U.S. Manufacturing Orders Index; at 11:30 PM: U.S. Weekly Natural Gas Inventories; at 2:00 AM: U.S. Bostic: Remarks by the President of the Atlanta Fed; and at 4:00 AM: U.S. Daly: Remarks by the President of the San Francisco Fed. Ahead of tomorrow’s U.S. employment report, we intend to closely monitor the strength and weakness of the U.S. dollar against other currencies.
Author: Keisuke Sakurai
