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Market Participants May Be on Alert for Price Movements When Economic Indicators Are Released in U.S. Trading Hours

Market Report

Market Participants May Be on Alert for Price Movements When Economic Indicators Are Released in U.S. Trading Hours

08.10.2021

Today's Highlights
  1. Germany's Trade Balance
  2. U.S. Employment Report

Yesterday, the three major U.S. stock indices all rose, creating a “risk-on” sentiment characterized by higher stock prices, higher interest rates, and higher crude oil prices. WTI crude oil, in particular, rose significantly and is currently trading at $79.30 per barrel. North Sea Brent crude is also continuing to rise.Gold, moving in the opposite direction to the rising U.S. dollar, is trading in a range in the $1,759 range.

In the foreign exchange market, the EUR/USD pair is trending lower as the U.S. dollar strengthens. The pair is declining while forming lower highs along the 20-period moving average (MA) on the 4-hour chart and is currently continuing its decline around the 1.155 level. Since the price has already broken below the 200-period simple moving average (SMA) on the weekly chart, we need to carefully assess whether the decline will accelerate from here.

Today, the German trade balance is scheduled for 3:00 p.m., remarks by ECB President Lagarde and U.S. Treasury Secretary Yellen are scheduled for 9:05 p.m., the Canadian unemployment rate and U.S. employment report (including the unemployment rate, average hourly earnings, and manufacturing employment) are scheduled for 9:30 p.m., andand at 11:00 PM, the U.S. wholesale inventories (final reading) are scheduled to be released. Since today’s U.S. employment report results could provide more concrete details on the pace of tapering, we should pay close attention to these economic indicators.

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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