Market participants may be wary of price movements caused by position unwinding over the weekend
10.09.2021
- Remarks by ECB President Lagarde
- U.S. Producer Price Index
Yesterday, the three major U.S. stock indices all fell further, leading to a market environment characterized by falling stock prices, falling interest rates, and falling oil prices. Bonds were bought, and the yield on the 10-year U.S. Treasury note fell to 1.31%. In the European Central Bank’s (ECB) policy rate announcement released yesterday, the policy rate was kept at 0.00%, which came as no major surprise.
Although the euro fell briefly following yesterday’s ECB policy rate decision, it recovered during today’s Asian trading session. The euro/yen pair fell as low as 129.63 at one point but is currently trading around 129.99. Meanwhile, the euro has fallen sharply against the pound, with the euro/pound pair currently trading around 0.854.
Today’s economic indicators include the German Consumer Price Index, UK GDP, UK Industrial Production, UK Manufacturing Output, and UK Goods Trade Balance at 3:00 PM, and the FrenchIndustrial Production, and the French Manufacturing Production Index at 15:45; the Turkish Unemployment Rate at 16:00; remarks by ECB President Lagarde at 18:30; the Canadian Unemployment Rate and the U.S. Producer Price Index at 21:30; remarks by Mester, President of the Cleveland Fed, at 22:00; and U.S. Wholesale Inventories (final reading) at 23:00.As we enter September, various currencies are gradually showing signs of direction; we will be closely monitoring how today’s weekend economic data releases affect them.
Author: Keisuke Sakurai
