Will the U.S. jobs report clarify the direction of the U.S. dollar?

Will the U.S. jobs report clarify the direction of the U.S. dollar?

05.11.2021

Yesterday, two of the three major U.S. stock indices rose, resulting in a market environment characterized by rising stock prices, falling interest rates, and lower oil prices. Ethereum, which had been trading at record highs, fell by about 1.76% from the previous day to 513,000. The U.S. Dollar Index rose to 94.3. The yield on the 10-year U.S. Treasury note is hovering around 1.53%.

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, with the price tracking the 20-period moving average on the hourly chart. If the recent low of 1.152 acts as support, we can expect a rebound around that level. If the price breaks below this level, keep in mind that 1.140 could become the target, as there are no major resistance levels until then.

Today, at 4:00 p.m. CET, German industrial production and UK Halifax house prices will be released, followed by FrenchIndustrial Production, and the French Manufacturing Production Index; at 21:15 US time, remarks by BOE Deputy Governor Ramsden and MPC member Pill; at 21:30, the Canadian unemployment rate and US employment report; at 22:00, remarks by MPC member Tenreyro; and at 23:00, the Canadian Ivey PMI.The unemployment rate in today’s U.S. employment report is expected to be 4.7%. I want to closely monitor whether the actual figure exceeds this forecast.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed