All Eyes on the U.S. Dollar's Movements Following the Release of U.S. Employment Data
08.11.2021
- U.S. — Williams: Remarks by the President of the New York Fed
- Remarks by U.S. Federal Reserve Chair Powell
Last weekend, the three major U.S. stock indices all rose, resulting in a market environment characterized by higher stock prices, lower interest rates, and higher crude oil prices. The yield on the 10-year U.S. Treasury note fell below 1.5% to 1.46%.The U.S. nonfarm payrolls report released last weekend showed 531,000 new jobs, significantly exceeding the forecast of 450,000. However, stock prices rose as concerns about an early interest rate hike eased.
In the foreign exchange market, the EUR/USD pair saw a back-and-forth movement as of last weekend and is currently trading around 1.156. Although the EUR/USD briefly dipped below its recent low of 1.152 on the daily chart, it closed with a lower wick, so we’ll want to carefully assess today’s price action.
Today’s schedule includes the Swiss unemployment rate at 15:45, remarks by U.S. Federal Reserve Vice Chair Clarida at 23:00, remarks by U.S. Federal Reserve Chair Powell at 24:30, and remarks by U.S. Federal Reserve Bank of New York President Williams at 24:55:President of the New York Fed, at 2:00 a.m. remarks by Bank of England Governor Bailey, along with remarks by U.S. Federal Reserve Bank of Philadelphia President Harker and U.S. Federal Reserve Governor Bowman, at 3:00 a.m. a U.S. 3-year Treasury auction, and at 3:50 a.m. remarks by U.S. Federal Reserve Bank of Chicago President Evans:Chicago Fed President Evans are scheduled. We will closely monitor the direction of various currencies while assessing the balance between the U.S. dollar and European currencies.
Author: Keisuke Sakurai
