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Keep an Eye on Currency Strength at the Start of the Week

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Keep an Eye on Currency Strength at the Start of the Week

06.09.2021

Today's Highlights
  1. U.S. and Canadian markets closed for a holiday
  2. UK Construction PMI

Last weekend, U.S. stock prices fell, creating a risk-off sentiment characterized by falling stock prices, rising interest rates, and lower crude oil prices.The Russell 2000 fell about 0.52% from the previous day to 2,292, while the U.S. 10-year Treasury yield rose to 1.32% and gold climbed to the $1,825 range. The fear index remained flat around 16.4.

In the foreign exchange market, the euro/dollar pair surged due to the decline in the U.S. dollar that began last weekend. The euro/dollar briefly touched 1.190, but has since pulled back during today’s Asian trading session and is currently trading around 1.186.Although the euro is holding steady against the U.S. dollar, it has been trending lower against the pound, marking its third consecutive day of decline. The euro/pound pair is currently trading around 0.856.

As for today’s economic indicators, German manufacturing orders are scheduled for 15:00, the UK construction PMI for 17:30, and remarks by a member of the Bank of Manchester’s Monetary Policy Committee (MPC) for 20:10; other than these, no other notable economic indicators or remarks by key figures are scheduled.This week, with the Bank of Canada’s policy rate announcement on Wednesday, the 8th, and the ECB’s policy rate announcement on Thursday, the 9th, on the horizon, attention is expected to focus on the Canadian dollar and the euro. We will first monitor currency strength and weakness while carefully assessing price movements at the start of the week.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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