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Will the U.S. Employment Report Clarify the Direction of the U.S. Dollar?

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Will the U.S. Employment Report Clarify the Direction of the U.S. Dollar?

05.11.2021

Today's Highlights
  1. U.S. Employment Report
  2. Canada-Ivey Purchasing Managers' Index

Yesterday, in the U.S. market, two of the three major stock indices rose, resulting in a market environment characterized by higher stock prices, lower interest rates, and lower crude oil prices. Ethereum, a cryptocurrency that had been hitting record highs, fell about 1.76% from the previous day to 513,000.The Dollar Index has risen to 94.3. The yield on the 10-year U.S. Treasury note is hovering in the 1.53% range.

In the foreign exchange market, the EUR/USD pair—which had been trading in a range—fell from 1.161 to 1.152 and is now trending lower on the hourly chart, tracking the 20-period moving average on the upside. If the recent low of 1.152 acts as support, a rebound is likely to occur around the 1.152 level.If the pair breaks below this level, keep in mind that 1.140 could become the target, as there are no major resistance levels until that point.

Today, at 16:00 European time, German industrial production and UK Halifax house prices will be released; at 16:45, French industrial production and the French manufacturing production index will be released; and at 21:15 U.S. time, UKremarks by BOE Deputy Governor Ramsden and remarks by UK MPC member Pill; at 21:30, the Canadian unemployment rate and U.S. employment report; at 22:00, remarks by MPC member Tenreyro; and at 23:00, the Canadian Ivey Purchasing Managers’ Index.The unemployment rate in today’s U.S. employment report is expected to be 4.7%. I want to wait and see carefully whether the actual figure exceeds this forecast.

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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